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NZD/USD rebounds even as RBNZ lowers benchmark rate
As expected by the markets, earlier this morning the Reserve Bank of New Zealand lowered their OCR (Official Cash Rate) to 4.25%, from the previous level of 4.75%. Yesterday morning the NZD/USD had lifted from just below 0.58, to above 0.5860 before turning lower again into this decision. It closed in the US last night at 0.5834. It was trading around 0.5830 when the RBNZ delivered this change. The reaction since has seen it push sharply higher, reaching a session high at 0.5882. Now the reason for that is two-fold. First, pretty much the whole market expected this outcome and second, the RBNZ sent out a more hawkish outlook for further policy action next year, which surprised the markets and sent NZD yields higher after the move. The NZD/USD is currently trading at 0.5866
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