RBNZ Deputy Governor Silk said high-frequency data since the July decision suggest the committee is inclined to deliver rate increases at upcoming meetings.

The European Commission will unfreeze €16.4bln in EU funds for Hungary, von der Leyen said on the 29th. The package includes €10.0bln from NextGenerationEU, €4.2bln tied to cohesion-fund conditions and €2.2bln released after progress on university autonomy. Von der Leyen said the commission and Hungary reached agreement on rule-of-law and anti-corruption steps; Hungary has agreed to join the European Public Prosecutor’s Office, strengthen anti-corruption bodies and amend public procurement law. Prime Minister Magyar said the funds equal about 13% of Hungary’s annual budget and will be used for SMEs, transport, healthcare, education, energy infrastructure and digital technology.

EIA: U.S. oil demand in March rose 2.2% YoY to 20.383 mln b/d, compared with a 4.5% YoY increase in February.