Reserve Bank of New Zealand Orr:
confident inflation back in its target band can commence re-normalising rateswe considered a range of moves and consensus was for 25bpsprojections are NZ is headed towards a period of low and stable inflationbroad range of indicators are consistently soft
Reasonable first step for monetary easing, in strong position to move
calmlyRemarkably pleased
with how economy has panned out with our forecastsHigh frequency data
show economy weakeningIts a good news
story of pricing intentions changingStill have
restrictive financial conditions
Earlier, read from the bottom up for the chronology:
Market pricing is for an Reserve Bank of New Zealand rate cut at its next meeting tooICYMI – RBNZ cut its cash rate by 25bp, market consensus was for on holdNZD/USD marked lower after the Reserve Bank of New Zealand cut its cash rateReserve Bank of New Zealand announce cash rate cut to 5.25%
This article was written by Eamonn Sheridan at www.forexlive.com.
