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NZD Rallies On Hawkish RBNZ

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The RBNZ left rates unchanged as widely expected, but the details were hawkish and suggested the timing of rate cuts was pushed back. In particular, the 2025 OCR projections were revised higher. The NZD has pushed higher, while NZGBs are +3bps across the curve

  • NZD/USD edged higher prior to the RBNZ announcement and post has continued those moves, we are now up 0.85% at 0.6143 through initial resistance and now trading back at levels from March 15th, next target becomes 0.6200/20 (round number/ March 8 high). The US-NZ 2Y swap is little changed at -8bps.
  • AUD/NZD has gapped lower post the RBNZ, down 0.65% for the day at 1.0870 and broke through initial support, with eyes now of the 100-day EMA at 1.0857.

Up next we have the Governor Adrian Orr's press conference at 1pm AEST.

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The RBNZ left rates unchanged as widely expected, but the details were hawkish and suggested the timing of rate cuts was pushed back. In particular, the 2025 OCR projections were revised higher. The NZD has pushed higher, while NZGBs are +3bps across the curve

  • NZD/USD edged higher prior to the RBNZ announcement and post has continued those moves, we are now up 0.85% at 0.6143 through initial resistance and now trading back at levels from March 15th, next target becomes 0.6200/20 (round number/ March 8 high). The US-NZ 2Y swap is little changed at -8bps.
  • AUD/NZD has gapped lower post the RBNZ, down 0.65% for the day at 1.0870 and broke through initial support, with eyes now of the 100-day EMA at 1.0857.

Up next we have the Governor Adrian Orr's press conference at 1pm AEST.