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Trims Gains After RBNZ Keeps Rates On Hold


The kiwi has marginally trimmed early gains after the RBNZ kept rates on hold as expected. The bank noted that they are confident the resistive rate will return CPI to target and the current level of rates is constraining spending and inflation. The bank also said that the OCR will need to remain at a restrictive level for the foreseeable future.

  • NZD/USD sits at $0.6210/15, the pair was a touch above the 200-Day EMA ($0.6222) pre-decision and is holding above $0.62 for now.
  • AUD/NZD is up ~0.3%, and last prints at $1.0820/30. The 20-Day EMA ($1.0840) presents as the next resistance level for bulls.

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