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RBNZ Official Cash Rate decision - NZD sharply lower

XE Data Update - RBNZ Official Cash Rate decision - NZD sharply lower

The RBNZ have maintained the Official Cash Rate (OCR) at 1.75%. This was widely expected, however they said the next move in the OCR is more likely to be a cut than an increase:

The key points in the RBNZ statement and full monetary policy statement are:
More likely direction of our next OCR (Official Cash Rate) move is down
Employment is near its max sustainable level
Global economic outlook has continued to weaken
Expect low interest rates, increased govt spending and investment to support growth over 2019
Weaker global economic outlook and reduced momentum in spending behind shift in rates outlook
Expected easier policy in other countries placing upward pressure on NZD
The NZD is sharply lower across the board – all on news the RBNZ’s bias is now towards a rate cut.

The next OCR decision, Monetary Policy Statement and press conference will be held on 8th May 2019.

Below is link to the RBNZ press release:
https://www.rbnz.govt.nz/news/2019/03/official-cash-rate-unchanged-at-1-75-percent

Current indicative levels are:

NZD-USD 0.6805 / 0.6830
NZD-AUD 0.9570 / 0.9595
NZD-EUR 0.6040 / 0.6065
NZD-GBP 0.5150 / 0.5175
NZD-JPY 75.25 / 75.50

ends

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