NZD/USD jumps to near 0.6240 as RBNZ hikes OCR by 50 bps to 4.75%

Share: NZD/USD has scaled firmly to near 0.6240 as the RBNZ has hiked its OCR by 50 bps to 4.75%. A promise of a cyclone relief package from NZ Hipkins could propel inflationary pressures further. The USD Index will dance to the tunes of the FOMC minutes release. The NZD/USD pair has witnessed a significant buying interest as the Reserve Bank of New Zealand (RBNZ) has adopted a hawkish tone on interest rates. RBNZ Governor Adrian Orr has hiked the Official Cash Rate (OCR) by 50 basis points (bps) to 4.75%. A decision of 50 bps interest rate