NZD/USD chart - Trading View
Reserve Bank of New Zealand left its interest rate unchanged as was widely expected.
The RBNZ did deliver a major hawkish surprise to markets by signaling rate hikes from mid-2022.
The central bank re-introduced the conventional OCR forecast (it had been replaced by the unconstrained OCR forecast), and by the forecast pace of tightening.
The OCR forecast showed a 150bps tightening between Q3 2022 and Q3 2024, taking the markets by surprise.
NZD/USD spiked past 0.73 mark and hit highest since 26th Feb at 0.7316 after the RBNZ decision.
The pair has eased slightly from session highs and was trading at 0.7305, up 1.15% at around 08:00 GMT.
Technical bias has turned bullish. Bulls target next major resistance at 0.7435 ahead of 0.7558 (2017 high).
