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HiFX Data Update - RBNZ Interest Rate Decision

HiFX Data Update - RBNZ Interest Rate Decision - OCR Unchanged


The RBNZ have maintained the Official Cash Rate (OCR) at 1.75%. This was widely expected.

The key points in the RBNZ statement and full monetary policy statement are:
Reserve Bank of NZ Keeps Cash Rate Unchanged at 1.75%

Monetary policy will remain accommodative for a “considerable period”

Numerous uncertainties remain and monetary policy may need to adjust accordingly

Longer-term inflation expectations remain well anchored at around 2%

Future headline inflation expected to tend upwards towards the midpoint of the target band

CPI inflation to weaken further near-term due to softness in food and energy prices, adjustment to govt charges

Tradables inflation to remain subdued

House prices inflation remains moderate

No mention of NZD$
The NZD is little changed in immediate response.

The next OCR decision, Monetary Policy Statement and press conference will be held on 10th May 2018.

Below is link to the full RBNZ press statement:

https://www.rbnz.govt.nz/news/2018/03/official-cash-rate-unchanged-at-1-75-percent

Current indicative levels are:

NZD-USD 0.7220 / 0.7245
NZD-AUD 0.9295 / 0.9320
NZD-EUR 0.5845 / 0.5870
NZD-GBP 0.5100 / 0.5125
NZD-JPY 76.50 / 76.75

ends

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