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RBNZ OCR held steady at 1.75%, NZD little changed
RBNZ OCR held steady at 1.75%, NZD little changed
The RBNZ have maintained the Official Cash Rate (OCR) at
1.75%. This was widely expected. There is no Monetary Policy
Statement issued at this meeting.
The key points in
the RBNZ statement are:
Reserve Bank of NZ maintains the
Official Cash Rate at 1.75%
Monetary Policy will remain
accommodative
Uncertainties remain around the
international outlook
Further depreciation of the NZD
needed to achieve more balanced growth
Inflation to
return midpoint of target band in the medium term
Trade
Weighted Index (TWI) has fallen since Feb – this is
encouraging
Major challenges remain with extensive global
geo-political uncertainty
Global monetary policy is
expected to remain stimulatory but less so going
forward
Domestic growth outlook remains positive
Dairy
prices have been volatile, uncertainty remains
House
prices inflation has moderated, uncertain if it will
last
Q4 GDP weaker than expected, likely to be
temporary
Long-term inflation expectations remain around
2%
The NZD traded in a 25 point range in response to the
RBNZ rate decision and press release. The NZD has ended up
marginally higher in th4e wash up.
The next OCR decision and full Monetary Policy Statement will be held on 11th May 2017.
Current indicative levels
are:
NZD-USD 0.7045 / 0.7070
NZD-AUD
0.9175 / 0.9200
NZD-EUR 0.6520 /
0.6545
NZD-GBP 0.5635 / 0.5660
NZD-JPY
78.30 /
78.55
ends
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