New Zealand c.bank surprises by reducing stimulus, Kiwi dollar jumps

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“The RBNZ has absolutely done enough hand-waving today to tick the ‘market-prep’ box for an August hike, with CPI and labor market data set to do the rest,” said Sharon Zollner, Chief Economist at ANZ Bank.
The move comes after U.S. inflation data rose by the most in 13 years in June, adding to uncertainty about whether such inflationary pressures are transitory and pushing up the U.S. dollar on bets of faster monetary policy tightening.
The New Zealand dollar rose 1.1% after the announcement to $0.7017. Yields on two-year bonds surged 9 basis points to its high for this year at 1.668%.

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