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NZD/USD sticks to hawkish RBNZ-inspired gains to over one-month high, around 0.6765-70

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NZD/USD sticks to hawkish RBNZ-inspired gains to over one-month high, around 0.6765-70 By HareshMenghani NZDUSD RBNZ RiskAppetite Majors Currencies

A positive risk tone further benefitted the perceived riskier kiwi amid subdued USD demand.The NZD/USD pair

The pair gained strong positive traction on Wednesday after the Reserve Bank of New Zealand announced its policy decision and opted for a more hawkish stance. As was widely expected, New Zealand's central bank hiked interest rate for the third time since October and signalled a more aggressive tightening path going forward.

Apart from this, a generally positive tone around the equity markets acted as a tailwind for the perceived riskier kiwi amid subdueddemand. The fact that new economic sanctions on Russia were not as bad as feared helped ease the nervousness over the situation in Ukraine, which boosted investors' confidence and undermined the safe-haven buck.

 

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