Markets Today

The RBNZ held rates at 2.25% in a hawkish split decision while Australia's cooling inflation hit the AUD. Global oil prices fell 5% despite stalled Middle East peace negotiations.

Key Takeaways

• 1.The RBNZ maintained the OCR at 2.25% in a surprise 3-3 split decision, but signaled that future tightening is likely as soon as July.
• 2.Australia's April CPI was lower than expected at 4.2% y/y, leading markets to scale back expectations for a fourth interest rate hike this year.
• 3.Brent crude prices dropped over 5% to approximately $94 despite geopolitical uncertainty and dismissive comments from President Trump regarding Iran peace talks.

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