Breaking: RBNZ raises OCR By 50bp to 3.00% as expected, kiwi pops to 0.6365
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As expected, the RBNZ lifted the Official Cash Rate by 50bp from 2.5% to 3.0% and the statement is signalling further tightening ahead.
NZD/USD has rallied by some 35 pips to a session high of 0.6365.
Markets will be tuning into Governor Adrian Orr’s press conference later in the day.
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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