Kiwi dollar hangs onto gains after RBNZ boost

Thu, 15 Jul 2021

The New Zealand dollar held onto gains made after the Reserve Bank began to tighten its monetary policy settings yesterday.Bank of NZ interest rate strategist Nick Smyth said the market interpreted the central bank’s move as “opening the door” to an official cash rate hike next month. Investors are now pricing in approximately a 70% chance of an August increase, he said. This has resulted in the NZ dollar being a “clear out-performer in the currency market”, up as much as 1% from yesterday against the US...

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