The New Zealand dollar surged today after the Reserve Bank of New Zealand left its main interest rate unchanged and suggested that there will be no rate cuts this year.
The RBNZ maintained its Official Cash Rate (the key interest rate) at 2.5 percent today. The accompanying statement was rather positive, saying that “global financial market sentiment remains buoyant” and “growth in the New Zealand economy has picked up”. At the end of the statement, Reserve Bank Governor Graeme Wheeler concluded:
At this point, we expect to keep the OCR unchanged through the end of the year.
NZD/USD climbed from 0.8383 to 0.8457 and NZD/JPY advanced from 83.40 to 84.17 as of 9:39 GMT today.
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