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NZD Weaker Post RBNZ Decision to Hold, Press Conference To Follow

NZD
RBNZ has kept rates on hold at 5.50% for the fifth meeting, in line with market expectation. We now await the press conference to come in about 40 minutes.
  • NZD/USD is seeing selling pressure post RBNZ keeping rates on hold, breaking below initial and first resistance levels and now eyeing a move to the Feb 19 lows at 0.6119. We currently trade at 0.6125, a test of the Feb 19 lows would signal another left down to 0.6100 ( lows Feb 13).
  • A topside reversal although unlikely would be likely be limited as NZ$809m of option strikes roll off at a strike on 0.6200 between now and March 4th
  • AUD/NZD is up 0.60% to 1.0672, reversing the most of the move lower over the past two weeks. The pair now trade just below the Feb 15 highs, a break above opens a test of the 1.0700 range a level we have been unable to hold above since early Feb. Australia also had CPI out earlier, missing estimates to come in at 3.4% vs 3.6%, there was little reaction.
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