It was only a few weeks ago when an economist at one of the major international banks suggested that the RBNZ might hike rates by 50 bps in both June and July. There looks to be two hopes of that now happening, one of whom is Bob. The shift in language suggests that rate rises, if they happen, will be towards the latter part of the year. The NZD/USD fell from .7220 to a low of .7170 immediately after the statement but it has now recovered slightly. AUD/NZD has run into strong short term resistance around .1.2900