RBNZ Interest Rate Decision comes in at 2.75% against 2.75% consensus

The Reserve Bank of New Zealand (RBNZ) today announced its Interest Rate Decision, setting the Official Cash Rate at 2.75%. This figure aligned precisely with market consensus, which had also forecast a rate of 2.75%. The previous interest rate stood at 2.5%. This outcome resulted in a 0.0% surprise versus consensus expectations.

Following the announcement, the New Zealand Dollar saw varied movements against major pairs. AUDNZD traded up 61 pips 15 minutes after the release. EURNZD rose 118 pips, while GBPNZD increased by 137 pips over the same period. Conversely, NZDCAD moved down 45 pips, NZDCHF declined 19 pips, NZDJPY fell 56 pips, and NZDUSD was down 34 pips. Comparing these moves to historical data, the 118-pip rise in EURNZD and the 137-pip rise in GBPNZD both exceeded their respective top-quarter historical moves of 120+ pips and 132+ pips for RBNZ releases. AUDNZD’s 61-pip gain was also near its top-quarter move of 62+ pips. For NZDUSD, the 34-pip decline was above its median 1-hour move of 29 pips. NZDCAD’s 45-pip decline was above its median of 36 pips. NZDJPY’s 56-pip decline was above its median of 36 pips and near its top-quarter move of 55+ pips. NZDCHF’s 19-pip decline was below its median 1-hour move of 28 pips, indicating a relatively smaller move for that pair.