XE Data Update - RBNZ Official Cash Rate decision

The RBNZ have held the Official Cash Rate (OCR) constant at 1.00%, having cut by 0.50% at the last OCR meeting in August.

The key points in the RBNZ statement are:

• The committee agreed new information did not warrant significant change to policy outlook

• Employment is around maximum sustainable level, inflation within target.

• NZ interest rates can be expected to be lower for longer

• Low interest rates, govt spending to support demand in coming years

• Business confidence remains low in NZ, partly reflecting policy uncertainty and low profitability in some sectors

• Global trade and other geopolitical tensions remain elevated and continue to subdue the global growth outlook.

• Reduction in the OCR this year has eased the NZD$

The NZD is higher in immediate response.

The next OCR decision, along with a full Monetary Policy Statement, will be held on the 13th November.

Below is link to the RBNZ press release:
https://www.rbnz.govt.nz/news/2019/09/official-cash-rate-unchanged-at-1-percent

Current indicative levels are:

NZD-USD 0.6325 / 0.6350
NZD-AUD 0.9320 / 0.9345
NZD-EUR 0.5745 / 0.5770
NZD-GBP 0.5070 / 0.5295
NZD-JPY 67.85 / 68.10

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