Reserve Bank of New Zealand Deputy Governor/General Manager Financial Stability Hawkesby has crossed the wires stating that the central bank needs to tighten conditions past neutral of 2% and reduce stimulus. He forecasts a period of subdued consumption. He also said the risk of a recession is a possibility. 

Meanwhile, the NZD was boosted by the RBNZ's hawkish Statement when it raised rates by 50bp to 2%, indicating more hikes to come. 

''The Kiwi is a touch stronger this morning, but it looks more like currency at the upper end of trading ranges than a currency on the verge of a major breakout, the analysts at ANZ Bank argued,'' in line with the following analysis:

• NZD/USD Price Analysis: Bulls need to break a key weekly level at this juncture