Old Dog Kiwi
-
New Zealand Dollar Surges Against US Dollar, Australian Dollar After RBNZ Delivers 50-Basis Point Rate Hike
The New Zealand Dollar gained some traction after the Reserve Bank of New Zealand delivered a 50-basis point rate hike, which was in line with market expectations. That brought the RBNZ’s official cash rate (OCR) to 3.5%, the highest interest rate for the island nation since early 2015. NZD/USD’s immediate reaction saw the currency pair move higher as traders found relief after a surprise dovish hike from the Reserve Bank of Australia (RBA) earlier this week. The RBNZ's statement was surprisingly hawkish: "The Committee considered whether to increase the OCR by 50 or 75 basis points at this meeting. Some ... (full story)