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Kiwi Under Pressure Post-RBNZ

NZD

NZD/USD loses some ground in response to the RBNZ's decision to raise the OCR by 25bp, in line with the consensus view. The reaction move likely stems from the fact that market pricing implied a non-negligible ~33% chance of a 50p hike, while many sell-side desks flagged such a scenario as a realistic hawkish risk.

  • NZD/USD last trades at $0.6931, 18 pips lower on the day. The rate rejected yesterday's low on its leg lower, which leaves familiar technical levels in play.
  • AUD/NZD last seen at NZ$1.0424, up 23 pips on the day. The rate is approaching its 50-DMA, which intersects at NZ$1.0431 and capped gains yesterday. A break here would open up Nov 16 high of NZ$1.0457.
  • NZD/JPY sits at Y79.78, 23 pips lower on the day, still within yesterday's range. Bears look for a clean break below the 50-DMA/yesterday's low at Y79.54/39.
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