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KIWI: NZD/USD finished RBNZ Gov. Orr's press conference at $0.6783, sticking to
a tight range over the address.
- RBNZ Governor Orr opened the address with the line "we are not taking rate
cuts off of the table." He stressed data dependence, noting that the Bank would
consider a rate cut if GDP fell short of its projections.
- On the currency front Orr stated that he has no view on NZD's value, and
described the NZD as well behaved.
- The RBNZ also noted that its OCR forecast track has not changed, correcting
earlier newswire reports.
- Orr stressed that the Bank is comfortable with a rise in capacity pressures,
highlighting the need for a further rise in inflationary pressures.
- NZD/USD bulls continue to look for a close above $0.6800, with bears needing a
move back below the Nov 02 high at $0.6690.