New Zealand Exchange Rate Impact

Yeah, so we did get the updated track from the RBNZ today in the announcement, and that did suggest uh roughly two to three hikes this year. So that brought it roughly in line to what the market had already been expecting. But what we did see was that the track indicated a relatively strong chance uh of an increase in the OCR in the third quarter, potentially as soon as July. And it's also worth noting that three of the six committees, uh three of the six committee members voted to increase the OCR today. So that really enforced that upward trajectory of the OCR. And as a result, we actually saw the market bring forward some of its rate high expectations from later in the year. So what we saw initially was the Kiwi dollar that bounced up higher against the US dollar and the Aussie dollar. We also saw a little bit of movement in interest rate swaps. So at the shorter end, the two-year swap rates, they were up around five basis points. While the longer end, the 10-year, that was actually down a touch. But as we know, uh there is a lot of uncertainty around the Middle East and how the economy might respond. So I think RBN the RBNZ and markets will need to remain fluid.