FXstreet.com (Barcelona) - New Zealand dollar has gone through a spectacular rally after RBNZ's hawkish monetary policy statement, as the pair rallied almost 200 pips, reaching levels right below 0.7300 at the moment of writing.

NZD/USD rallied from 0.7090 area right before the RBNZ monetary policy decision, to reach levels past Dec 4 high at 0.7275 to hit a session high at 0.7288 high so far, with next resistance level at 0.7295/00 on sight.

The RBNZ left its benchmark rate unchanged at 2.50% bu the tone of its statement was notably more hawkish as the Bank spoke about removing monetary stimulus around mid 2010 if economic recovery continues.

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