The Reserve Bank of New Zealand raised its cash rate again yesterday but signalled the end of the cycle:

Governor Orr speaking now, selling the messages:

  • rates are restrictive, well above neutral
  • both economic growth and inflation are weaker than expected
  • we can alter our assessment if response to new data if need to do so

NZD/USD has been under the gun since the announcement yesterday:

nzdusd rbnz gov orr 25 May 2023