RBNZ (Reserve Bank of New Zealand)

The Reserve Bank of New Zealand is New Zealand's central bank. It sets the OCR (Official Cash Rate), which is the headline interest rate driving NZD pairs. The RBNZ meets seven times per year, with decisions announced at 02:00 GMT on Wednesdays — the absolute earliest central bank decision of any major economy. Like the RBA, the RBNZ is heavily influenced by global commodity prices and Chinese demand. New Zealand's economy is small and export-dependent (primarily dairy, meat, and forestry), so external conditions move the kiwi as much as domestic policy. The RBNZ has historically been hawkish — they were the first major central bank to adopt formal inflation targeting in 1989 and remain rules-based. When inflation is above target, expect the RBNZ to be aggressive on hikes.