RBNZ causes NZD surge

Note: This section contains information in English only.
Source: Dukascopy Bank SA
On April 14, the Reserve Bank of New Zealand made a rate announcement and published its Rate Statement. In general, the central bank kept their monetary stimulus policy unchanged. Due to that reason, it can be assumed that the NZD is unlikely going to lose its value against most of other currencies.

Quoting the main points of the released statement: "Overall, our medium-term outlook for growth remains similar to the scenario presented in the February Statement. This outlook remains highly uncertain, determined in large part by both health-related restrictions, and business and consumer confidence."

"Some temporary factors are leading to specific near-term price pressures. These factors include disruptions to global supply chains and higher oil prices. However, the Committee agreed that medium-term inflation and employment would likely remain below its remit targets in the absence of prolonged monetary stimulus."

"The Committee agreed to maintain its current stimulatory monetary settings until it is confident that consumer price inflation will be sustained at the 2 percent per annum target midpoint, and that employment is at or above its maximum sustainable level. Meeting these requirements will necessitate considerable time and patience. The Committee agreed that it was prepared to lower the OCR if required."

Full Official Release: Monetary Stimulus Continued

In the immediate aftermath after the statement, the NZD/USD surged 35 pips against the US Dollar. Previously, the rate traded almost sideways since the start of April. This event ended the sideways trading and created a daily surge of almost 100 base points.

Initial Reaction

Larger scale situation

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