RBNZ Orr: There are some early signs that inflation is abating

The RBNZ raise rates by 50 basis points yesterday

RBNZ Governor Orr is speaking. The RBNZ raised rates by 50 basis points yesterday in New Zealand

There are some early signs that inflation is abating
Core inflation is still too high
Expectations for inflation are elevated
Some prices may spike due to the cyclone

The NZDUSD tried to extend above the 100 hour MA but the US session has seen price action above and below the MA level with lower highs. The price now trading at a new NY session low and looks toward the early European session low at 0.62108. The recent low for the NZDUSD reached 0.61929. The low for the day reached after the rate hike saw the pair reach 0.6197 just 4-5 pips from the low from last week.

Close risk is now the 100 hour MA after the break to a new NY session low. Stay below is more bearish.

See earlier post on the NZDUSD HERE