NZD/USD consolidates gains as hawkish RBNZ outlook meets cautious risk sentiment

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NZD/USD holds firm on Wednesday, with the New Zealand Dollar (NZD) outperforming its major peers on the back of a hawkish Reserve Bank of New Zealand (RBNZ) outlook.

NZD/USD holds firm as hawkish expectations from the Reserve Bank of New Zealand support the Kiwi.
Strait of Hormuz tensions keep risk sentiment cautious, underpinning the US Dollar.
Federal Reserve rate cut expectations fade amid rising Oil-driven inflation risks.

NZD/USD holds firm on Wednesday, with the New Zealand Dollar (NZD) outperforming its major peers on the back of a hawkish Reserve Bank of New Zealand (RBNZ) outlook. However, the pair lacks strong upside momentum as ongoing US-Iran tensions in the Strait of Hormuz keep market sentiment cautious despite the ceasefire extension, supporting the US Dollar (USD).

At the time of writing, NZD/USD is trading around 0.5906, up 0.23% on the day. Meanwhile, the US Dollar Index (DXY), which tracks the Greenback’s value against a basket of six major currencies, is trading around 98.58, near a one-week high.

Markets expect the RBNZ to raise interest rates further, with growing expectations of a move as soon as May following the latest inflation data. Inflation remains above the central bank’s 1%-3% target band, while upside risks persist amid elevated Oil prices, reinforcing the case for additional tightening.

Meanwhile, attention remains squarely on whether US-Iran negotiations will resume, as the US naval blockade remains in place, which Tehran sees as a violation of the ceasefire and a key condition for peace talks. However, US President Donald Trump said talks with Iran could take place as soon as Friday, according to the New York Post, while Iran’s Tasnim News Agency reported that Tehran has not yet decided whether to participate.

At the same time, Iran also continues to maintain pressure in the Strait of Hormuz. Iran’s Islamic Revolutionary Guard Corps (IRGC) said on Wednesday it has seized two ships in the strategic waterway, according to Iranian media.

With the Strait of Hormuz effectively under a dual blockade and neither side showing signs of backing down, geopolitical risks remain elevated. This underpins the US Dollar after a corrective slide earlier this month on hopes of de-escalation, while fading expectations for Federal Reserve (Fed) interest rate cuts amid higher energy costs add a near-term tailwind.

New Zealand Dollar Price Today

The table below shows the percentage change of New Zealand Dollar (NZD) against listed major currencies today. New Zealand Dollar was the strongest against the Swiss Franc.

	USD	EUR	GBP	JPY	CAD	AUD	NZD	CHF
USD		0.29%	-0.00%	0.05%	0.01%	-0.11%	-0.22%	0.46%
EUR	-0.29%		-0.28%	-0.24%	-0.26%	-0.40%	-0.51%	0.17%
GBP	0.00%	0.28%		0.04%	0.06%	-0.10%	-0.21%	0.45%
JPY	-0.05%	0.24%	-0.04%		-0.03%	-0.14%	-0.27%	0.38%
CAD	-0.01%	0.26%	-0.06%	0.03%		-0.11%	-0.22%	0.43%
AUD	0.11%	0.40%	0.10%	0.14%	0.11%		-0.13%	0.54%
NZD	0.22%	0.51%	0.21%	0.27%	0.22%	0.13%		0.67%
CHF	-0.46%	-0.17%	-0.45%	-0.38%	-0.43%	-0.54%	-0.67%

The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the New Zealand Dollar from the left column and move along the horizontal line to the US Dollar, the percentage change displayed in the box will represent NZD (base)/USD (quote).

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