The NZD has performed head and shoulders above its peers over the past 24-hours. The NZD/USD sits around 0.8090 this morning.
Strength in the NZD initially followed yesterday’s RBNZ meeting. It was then compounded by a weak USD overnight. The slightly more assertive tone in yesterday’s OCR review, appeared to take the
market a little by surprise. As the market increased its expectations for OCR hikes in the year ahead, NZ yields pushed higher across the curve. Supported by increased rate differentials the NZD/USD pushed higher.
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