Breaking: RBNZ hikes OCR by 50bps as expected, Kiwi jumps
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The Reserve Bank of New Zealand raised the OCR by 50 bps to 4.75% in February.
NZD/USD has rallied to 0.6245 as markets look past the Cyclone Gabrielle-led damage and the prospects of a more hawkish Federal Reserve. Instead, investors are wary of the RBNZ’s higher inflation expectations from 3.8% to 4.2% by March 2024.
NZD/USD is showing signs of resilience to US Dollar strength on the interest rate decision:
Traders are looking to the RBNZ’s peak rate forecast and Governor Adrian Orr’s press conference later today. These will likely hold the key for NZD in the short term.
RBNZ Interest Rate Decision is announced by the Reserve Bank of New Zealand. If the RBNZ is hawkish about the inflationary outlook of the economy and rises the interest rates it is positive, or bullish, for the NZD.
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