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NZD/USD lifts after RBNZ offers a hawkish hold

Earlier this morning the Reserve Bank of New Zealand (RBNZ) did as the markets expected and left their OCR (Official Cash Rate) unchanged at 5.5%. At the same time the RBNZ issued a rather hawkish statement with the policy decision. The RBNZ repeated the need for interest rates to remain high for some time to come. The reaction in the currency saw the NZD lift after a brief spike lower. The NZD/USD, which had closed last night in the US at 0.6060, rose to above its 200 day moving average again (now at 0.6068). There is further potential resistance in place from the 50 day moving average (now at 0.6089). The high seen this morning has been set at 0.6078. It is currently trading at 0.6074
 

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