Free Trial

NZD Surges On Hawkish RBNZ Hold, 2yr Swap up 13bps

RBNZ

NZD/USD is sharply higher following the RBNZ's hawkish hold. We were last above 0.6190, nearly +1% firmer versus Tuesday NY closing levels. We were around 0.6150 prior to the RBNZ outcome. 2yr swap rates are +13bps higher.

  • Policy was kept at 5.50% as expected, but upward revisions to the OCR track have been viewed as hawkish, particularly with the central bank not seeing rate cuts into early 2025.
  • The central bank also noted "If inflationary pressures were to be stronger than anticipated, the OCR would likely need to increase further." More details to follow.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.