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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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