NZD/USD jumps above 0.5760 as RBNZ hikes OCR by 50 bps to 3.5% – by Sagar_Dua24 NZDUSD RBNZ Fed Inflation NFP
RBNZ’s interest rates have jumped to 3.5% and the central bank is sticking to its path of bringing price stability.The NZD/USD pair has picked significant bids and has touched an intraday high of 0.5769 as the Reserve Bank of New Zealand has hiked its Official Cash Rate by 50 basis points consecutively for the fifth time. The extent of the rate hike is in line with the projections of institutional investors. This has pushed the OCR to 3.5%.
Price pressures in the NZ economy have been recorded at 7.3% for the second quarter of CY2022. Therefore, a continuation of a hawkish policy was highly required. But at the same time, theMeanwhile, the US dollar index is juggling around the 110.00 ground and is expected to surrender the same sooner amid weaker consensus for US data. Subdued preliminary estimates for the US Nonfarm Payrolls data have been discounted by the market participants.
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