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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:
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
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