Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

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:

https://www.rbnz.govt.nz/news/2018/11/official-cash-rate-unchanged-at-1-75-percent

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


ends


© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Climate Summary: NZ’s Equal-2nd Warmest Year On Record

Annual temperatures were above average (+0.51°C to +1.20°C above the annual average) across the majority of New Zealand... 2018 was the equal 2nd-warmest year on record for New Zealand, based on NIWA’s seven-station series which began in 1909. More>>

ALSO:

GDP: Economic Growth Dampens In The September Quarter

Gross domestic product (GDP) rose 0.3 percent in the September 2018 quarter, down from 1.0 percent in the previous quarter, Stats NZ said today... GDP per capita was flat in the September 2018 quarter, following an increase of 0.5 percent in the June 2018 quarter. More>>

ALSO:

Up $1.20: $17.70 Minimum Wage For 2019

Coalition Government signals how it will move toward its goal of a $20 p/h minimum wage by 2021... “Today we are announcing that the minimum wage will increase to $17.70 an hour on 1 April 2019." More>>

ALSO:

Retail: IKEA To Open In New Zealand

Inter IKEA Systems B.V. is today announcing its intentions to grant the Ingka Group exclusive rights to explore expansion opportunities in New Zealand. More>>