JP Morgan reviews the July RBNZ meeting.

"The RBNZ hiked rates to 2.5% O/N and delivered a data dependent slightly hawkish lean, as expected. The NZ has outperformed post the decision, in part due to the fact that the move wasn't fully priced, but with NZ rates still below their peers, this is no 'smoking gun' for an aggressive rally in NZD," JPM notes.

"While the board expects some further unwinding of stimulatory stimulus, the outlook remains uncertain and before we get too carried away, next week's QSBO and 2Q inflation on the 20th will be important. While cannot rule out further gains for a currency that has been unloved for months, buying dips in AUDNZD towards the 100DMA~ 1.2101 is the game plan," JPM adds.