Kiwi inches up after RBNZ holds

Kiwi inches up after RBNZ holds

On Thursday, the New Zealand dollar jumped versus its American counterpart, after the Reserve Bank of New Zealand didn’t change its interest rates. Meanwhile, the Australian currency was nearly intact.

The currency pair NZD/USD tacked on 0.61%, getting to 0.7251 after the RBNZ decided to hold the benchmark interest rate at 1.75%, just as expected. The financial institution stressed it has no plans to lift rates in the nearer future.

The bank added that a lower New Zealand dollar would assist in rebalancing the surge outlook towards the tradable sector. However, it said the currency’s recent profits were partly powered by higher export prices.

The currency pair AUD/USD stood still at 0.7555, off a one-week minimum of 0.7208 reached overnight.

As for the greenback, it didn’t show any reaction to Wednesday’s data from the US National Association of Realtors telling that existing home sales tacked on by 1.1% in May to about 5.62 million units, ruining hopes for a 0.5% sag.

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