Moments ago we had the widely-telegraphed 50bp rate hike from the RBNZ:
- RBNZ 50bp rate hike, as expected. Takes the Official Cash Rate (OCR) to 2.5%
- NZD down slightly in response to the RBNZ rate hike decision
The next RBNZ meeting is on August 18. There will be a
- full Monetary Policy Statement (MPS) (today's meeting brought only a brief 'Review' of policy, see that first bullet above for highlights
- and media conference
At this early stage (minutes after the rate hike) there is no reason to doubt another rate hike is coming. +50bp is not out of the question again.
NZD/USD has had its wiggle, it looks like its back to eyeing global developments for the next move catalyst.
