Has the RBNZ failed to guard against renewed inflation risk? New Zealand Dollar vs US DollarBLACKBULL:NZDUSDBlackBull_MarketsFollowing the RBNZ’s decision to leave the cash rate unchanged at 2.25%, Governor Anna Breman said that earlier rate cuts are still flowing through the economy and providing stimulus. However, there was a noticeable shift in commentary, with the policy outlook taking on a more hawkish tone. Even so, Breman stressed that the outlook remains highly uncertain, with the conflict in the Middle East seen as the key factor. The more hawkish language added to earlier strength in the New Zealand dollar, while two other major banks joined BNZ’s view that the first rate hike from the RBNZ will likely come in September.