NZD/JPY Rate Hike, Currency not UP...why?

Hi everyone,

I've been trying to understand why the New Zealand currency went down when the interest rate result was a 25 bpt rate hike up. Usually, what I have seen happen is when a country rises interest rates, the currency tends to go up in value.

Anyways, I am just trying to learn from my trading. I would appreciate any feedback on this.

I was trading the cross currency of the NZD/JPY...right before the release interest rate release.

-Thanks
p.s. I know that it had something to do with NZD's last rate hike.

I could be wrong but I think the RBNZ said something about it being the last rate hike for awhile...thats why it went down on the news.

Rate was priced in......O/S market.....carry trade unwind.....buy the rumor sell the fact.......take your pick