ANZ now forecast the RBNZ will hike 50bps in both July and August (previously 50 then 25)

Further:

• We continue to expect that signs of softening domestic demand will see the RBNZ return to 25bp moves, just a little later than previously anticipated.
• We’re forecasting further 25bp hikes in October and November will bring the OCR to a peak of 3.5%.
• From there, we think the RBNZ will hold off on further hikes as inflation Inflation Inflation is defined as a quantitative measure of the rate in which the average price level of goods and services in an economy or country increases over a period of time. It is the rise in the general level of prices where a given currency effectively buys less than it did in prior periods.In terms of assessing the strength or currencies, and by extension foreign exchange, inflation or measures of it are extremely influential. Inflation stems from the overall creation of money. This money is m Inflation is defined as a quantitative measure of the rate in which the average price level of goods and services in an economy or country increases over a period of time. It is the rise in the general level of prices where a given currency effectively buys less than it did in prior periods.In terms of assessing the strength or currencies, and by extension foreign exchange, inflation or measures of it are extremely influential. Inflation stems from the overall creation of money. This money is m Read this Term pressures wane – as long as there are no further upside inflation surprises. The picture can change quickly; ask the Fed.

Yesterday's Q1 GDP data sent a wiggle lower through the NZD/USD (see arrow below) but Q1 economic growth data is old, ancient, news and it soon rallied.