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May 22 - 02:55 AM

NZD/USD - Pares Gains But Downside Limited On RBNZ Surprise

By Krishna K  —  May 22 - 01:20 AM
  • NZD/USD up 0.45% heading into Europe but off day high of 0.6152

  • Likely to remain bid on dips as RBNZ signals higher-for-longer on rates

  • RBNZ holds rates at 5.5% but increases OCR path, raises annual CPI forecast

  • Sees rates peaking at 5.7% end 2024, compared with 5.6% three months ago

  • Governor Orr confirms that MPC had real consideration on raising rates Wed

  • NZ yields rise, AUD/NZD down 0.4%; Asia NZD range 0.6093-0.6152

  • NZD/USD resistance 0.6170, 61.8% Fibo of Dec-Apr drop; support 0.6090-0.6100

  • For more click on FXBUZ

Source:
Refinitiv IFR Research/Market Commentary

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