FXstreet.com (Córdoba) - The Reserve Bank of New Zealand left its interest rate unchanged at 2.25%. NZD/USD jumped from 0.7120 to 0.7182, reaching a fresh intra-day high. The pair is posting the biggest daily gain in almost a month and is rising for the first time after falling in the last five days. To the upside the next resistance lies at 0.7185 (Dec 7 high) and above at 0.7220
The RBNZ left the Official Cash Rate (OCR) unchanged at 2.25%. According to the Bank The New Zealand economy continues to recover but there remains considerable uncertainty about the durability of the expansion. In relation with the value of the local currency, the announcement point out that the high level of the New Zealand dollar has limited the scope for exports to contribute to the recovery.
Regarding the future, the central bank of New Zealand expects to begin removing monetary stimulus around the middle of 2010 if the economy continues to recover.