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RBNZ Sends Kiwi Flying

NZD

NZD has surged after the RBNZ left their monetary policy settings unchanged (as expected), while their updated projections suggested that the next OCR hike could come by 2H2022.

  • NZD/USD trades +58 pips at $0.7284 as we type, past May 18 high of $0.7271 and narrowing in on May 10/Mar 2 highs of $0.7305/07, which represent the next key resistance area.
    • NZD/USD implied overnight vol eased after the announcement and last sits -0.48 at 12.77%.
  • AUD/NZD dipped & broke out of its recent range, printing worst levels since Mar 1. The pair last trades -54 pips at NZ$1.0672. Further losses past NZ$1.0640 would bring Feb 3 low of NZ$1.0541 into play.
  • NZD/JPY changes hands +55 pips at Y79.18. Familiar resistance levels remain in play, with bulls setting their sights on May 14 high of Y79.35, followed by May 10 high of Y79.43.
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