RBNZ Raises OCR from 2.75% to 3.00%: The Reserve Bank of New Zealand (RBNZ) was expected to raise the Official Cash Rate (OCR) from 2.75% to 3.00%. This is the 2nd rate hike from the 2.50% OCR that persisted since March, 2011. The RBNZ statement noted inflationary pressure several times, so it might pay to pay extra attention to inflation data now that the bank has put in 2 rate hikes in a row. In April, NZD/USD was in a bearish correction, but after the RBNZ rate hike, the chart shows a bullish continuation signal. Price Bottom and Bullish reaction: Looking at the Kiwi’s 4H chart we can see that traders put in ... (full story)