Breaking: RBNZ hikes rates by 25 bps to 5.50% in May, as widely expected

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At the May policy meeting, the Reserve Bank of New Zealand (RBNZ) board members decided to increase the official cash rate (OCR) by 25 basis points (bps) from 5.25% to 5.50%, as widely expected.

In an immediate reaction to the RBNZ announcement, NZD/USD lost nearly 70 pips to surrender the 0.6200 level. The pair is down 0.93% on the day at 0.6187, as of writing.

The Reserve Bank of New Zealand (RBNZ) holds monetary policy meetings seven times a year, announcing their decision on interest rates and the economic assessments that influenced their decision. The central bank offers clues on the economic outlook and future policy path, which are of high relevance for the NZD valuation. Positive economic developments and an upbeat outlook could lead the RBNZ to tighten the policy by hiking interest rates, which tends to be NZD bullish.

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