Forex
RBNZ Raises Rates by 25 Basis Points to 2.75%
The Reserve Bank of New Zealand (RBNZ) raised interest rates by 25 basis points to 2.75% in its September meeting, as expected.
The decision was unanimous, but some hawks were disappointed that inflation expectations did not rise, indicating a lack of hawkish tilt in future monetary policy.
The NZD/USD currency pair turned up from the .5900 support level after the announcement, but negative daily and weekly studies suggest it may pull back further to retrace strong gains made since June's low at .5625.