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HiFX Data Update: RBNZ OCR remains at 1.75%

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% Expects to keep the OCR at this level until 2020 Direction of next move could be up or down Recent growth has moderated, and they expect it to pick up over the rest of the year Robust global growth and lower NZD will support export earnings Capacity and labour constraints promote business investment, supported by low rates Labour market has tightened and employment is roughly around maximum sustainable level Welcome early signs of core inflation rising Govt spending & investment also set to rise Residential construction & household spending remain solid The NZD is lower in immediate response to the RBNZ’s dovish tweak to the outlook.

The next OCR decision, and press conference will be held on 27th September 2018.

Current indicative levels are:
NZD-USD 0.6700 / 0.6725
NZD-AUD 0.9015 / 0.9040
NZD-EUR 0.5765 / 0.5790
NZD-GBP 0.5195 / 0.5220
NZD-JPY 74.35 / 74.60


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