SINGAPORE - The beaten-up New Zealand dollar soared 1% on Wednesday after the central bank unexpectedly left interest rates on hold, while most other major currencies were little changed.
“It’s flying. It was a massive surprise,” said Imre Speizer, head of New Zealand strategy at Westpac Bank in Auckland. “There’s a lot of position exiting going on.” But after two cuts this year, the Reserve Bank of New Zealand said it saw no urgency to ease policy again. Short positions, which had crept up to their highest level in more than four years NZDNETUSD=, unwound fast.zoomed almost a cent higher after the decision, before settling a percentage point stronger for the day at $0.6303. Yields on two-year New Zealand bonds NZ2YT=RR jumped by their most in more than two years.
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