After a hawkish 50 basis point rate hike delivered by the Reserve Bank of New Zealand (RBNZ) at its May monetary policy meeting, Governor Adrian Orr is likely to hold a press conference at 0300 GMT.

Orr’s comments will be closely followed for the next push higher in the NZD/USD pair, as he could the central bank’s hawkish outlook on the rate hikes.

The RBNZ stepped up its tightening outlook for the coming months after lifting the Official Cash Rate (OCR) by 50 bps to 2% earlier this Wednesday.