NZD/CAD Surges as RBNZ Hikes OCR by 25bps to 2.50%, First Hike in 3 Years
The New Zealand dollar surged against the US dollar on Wednesday as the Reserve Bank of New Zealand raised its Official Cash Rate by 25 basis points to 2.50%, as widely expected, its first hike since 2023, lifting the kiwi against the USD despite holding support from the safe-haven appeal. In Wednesday's G10 trading, NZD rose against all other currencies. The major event for the kiwi will be the Business NZ Purchasing Managers' Index for June, due on Thursday. For the USD, the major event will be the FOMC Minutes, due later on Wednesday. The NZD/USD pair was trading at 0.5694, with a 0.30% gain during Wednesday's American trading hours at the time of writing.
The New Zealand dollar surged against the US dollar on Wednesday as the Reserve Bank of New Zealand raised its Official Cash Rate by 25 basis points to 2.50%, as widely expected, its first hike since 2023, lifting the kiwi against the USD despite holding support from the safe-haven appeal.
In Wednesday's G10 trading, NZD rose against all other currencies.
The major event for the kiwi will be the Business NZ Purchasing Managers' Index for June, due on Thursday.
For the USD, the major event will be the FOMC Minutes, due later on Wednesday.
The NZD/USD pair was trading at 0.5694, with a 0.30% gain during Wednesday's American trading hours at the time of writing.