Earlier:

This was the 5th 50bp rate hike in a row from the Reserve Bank of New Zealand. The Bank said it was considering a 75bp rate hike – this is quite the contrast with the timid RBA yesterday who settled on a 25bp rate hike.

The full text of the RBNZ statement and the Minutes to the meeting can be found here:

• A recent decline in oil prices and an easing in some supply-chain constraints have seen headline inflation measures fall in some countries. However, core measures of inflation have risen and persist.

If the RBA decision yesterday fuelled thoughts the Fed might follow suit and slow down, [perhaps the aggressive RBNZ just now will see the opposite response?

NZD/USD update: