The RBNZ announced a “no change” decision on interest rates overnight keeping the OCR at 2.5%. They did however change the wording with the “middle of 2010″ phrase removed to “over coming months” in respect to hiking interest rates.

It seems some in the market viewed “coming months” more hawkish than “middle of the year”. Opaque comments from central bankers are always meant to confuse and this one was no different.

All up though I read this in the opposite manner and suggest that an interest rate hike has been pushed further out. With Australia now set to hike rates again next Tuesday (if not next week than definitely in June) , long the AUD/NZD cross looks attractive from where I sit.