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- NZD/USD to extend its rally towards 0.75 as RBNZ makes a hawkish pivot - TDS
NZD/USD to extend its rally towards 0.75 as RBNZ makes a hawkish pivot - TDS
NZD/USD to extend its rally towards 0.75 as RBNZ makes a hawkish pivot - TDS
FXStreet notes that the Reserve Bank of New Zealand (RBNZ) delivered a firm hawkish pivot. The kiwi leaped over 1% after the RBNZ left its interest rate unchanged and implied a rate hike is on the agenda, perhaps even for later this year. Economists at TD Securities see more upside in NZD/USD.
“The RBNZ was fairly hawkish across the board, positively revising its growth, inflation and employment projections. Most notably, the Bank brought back its traditional OCR profile as we thought they might, which penciled in a hike by Q3-2022. This is, of course, where market pricing currently resides. Consequently, we have revised our call for the first RBNZ hike to come in August 2022 from Q3-2023.”
“We are tactically long NZD/USD this week, but we think there could be larger gains ahead towards 0.75.”
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