XE Market Analysis: North America – May 26, 2021

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The New Zealand dollar bolted higher on the back of projections in the RBNZ’s monetary policy statement showing a possible hike in the OCR (overnight cash rate) in the second half of 2022. The antipodean currency rallied over 1% in clocking a three-month high against the U.S. dollar at 0.7316, despite the central bank leaving rates unchanged, downplaying inflation risks and stressing that “considerable time and patience” would be needed by policymakers before they could be confident that inflation and employment objectives were met.