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Kiwi Slips As RBNZ Disappoint Hawkish Participants

FOREX

The RBNZ defied hawkish bets for a 50bp hike to the OCR and met consensus forecast by raising their benchmark policy rate by 25bp. This applied some selling pressure to the kiwi, which now sits at the bottom of the G10 pile, as hawkish RBNZ watchers were left disappointed.

  • NZD/USD went offered but losses were limited by yesterday's low of $0.6917. AUD/NZD had a look above its 50-DMA but struggled to hold above that moving average.
  • USD/JPY held a fairly narrow range but managed to peek above yesterday's high, printing levels not seen since 2017.
  • The second reading of U.S. GDP as well as local core PCE weekly initial jobless claims will hit to wires today, while German Ifo Survey takes focus in Europe.
  • Comments are due from ECB's Schnabel & Panetta as well as BoE's Tenreyro, while the FOMC will publish the minutes from their most recent monetary policy meeting.
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