AUD/NZD slips below 1.0480 post-RBNZ decision

• AUD/NZD prints losses on Wednesday in the Asian market.
• RBNZ surprises the market with a rate hike and pushes kiwi higher against majors.
• The pair erases early gains on RBA and RBNZ  divergence on a monetary policy decision.

The AUD/NZD edges lower in the Asian session on Wednesday. The cross-currency pair fell more than 30-pips an immediate reaction to the Reserve Bank of New Zealand’s (RBNZ) latest monetary policy decision. It seems the market is already braced up for the event.

At the time of writing, AUD/NZD is trading 1.0463, down 0.04% on the day.

The RBNZ raised its Official Cash Rate (OCR) by 25 basis points to 0.5% during its October monetary policy meeting as widely anticipated. RBNZ became the first major central bank to raise the interest rate. Nevertheless, the pair failed to sustain the upward momentum and erases all the gains as the market already priced in the event.

The aussie remained pressured after the Reserve Bank of Australia (RBA) kept the cash rate unchanged at a record low of 0.1%. It is worth noting that, S&P 500 Futures are trading lower at 4,324 with 0.23% losses, which is hinting at the risk-ff mood in the market.
 

AUD/NZD additional levels