NZD/USD: 50bp OCR hike by RBNZ to lend support to the kiwi – ANZ NZDUSD RBNZ Banks
is little changed and what happens next depends a lot on tomorrow’s Reserve Bank of New Zealand decision. Economists at ANZ Bank expect a 50bp rate hike to provide support to the kiwi.“The USD is hovering near post-COVID highs , having been fuelled by rapidly rising bond yields there and flight to safety considerations, but the historical experience is that the USD tends to peak early in the tightening cycle, and that’s hanging over the market a touch.
“On the Kiwi side, we expect a 50bp OCR hike tomorrow. We expect this will lend the NZD support on grounds that it’ll add to RBNZ credibility and cap inflation down the track. So it’s all liking a bit binary, with markets pricing in a 43bp hike.”Information on these pages contains forward-looking statements that involve risks and uncertainties.
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