NZD Slides Despite Expected Rate Hike from RBNZ

The New Zealand dollar has weakened against other major currencies on Monday, despite market expectations of a rate hike by the Reserve Bank of New Zealand (RBNZ).

Traders anticipate that the RBNZ will raise interest rates for the second time in a row to 2.75 percent due to high inflation and an increase in consumer and business confidence.

The expected rate hike is seen as a response to the country's rising inflation, which has been driven by strong economic growth and increasing demand.