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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:
• Expects to keep the OCR at this level through 2019 and into 2020
• There are both upside and downside risks to our growth and inflation projections
• Timing and direction of any future OCR move remains data dependent
• Pick up in GDP growth in Q2 was partly due to temporary factors, business survey continue to suggest growth will be soft in near term
• Employment is around maximum sustainable level
• CPI inflation remains below 2% mid-point, necessitating continued supportive monetary policy
• Level of NZD$ will support export earnings
• GDP growth is expected to pick up over 2019
The NZD is spiked temporarily higher in immediate response before falling.

The RBNZ will be holding a press conference at 10am.

The next OCR decision will not be held until 13th Feb 2019.

Below is link to the RBNZ press release:

Current indicative levels are:

NZD-USD 0.6765 / 0.6790
NZD-AUD 0.9295 / 0.9320
NZD-EUR 0.5905 / 0.5930
NZD-GBP 0.5145 / 0.5170
NZD-JPY 76.70 / 76.95


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