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KIWI: NZD/USD stuck to a tight range as the RBNZ left its OCR unchanged, in line
with exp.
- The rate knee-jerked to highs of $0.6814 as the Bank tweaked its language,
removing the phrase that the next move in the OCR could be up or down, but
retraced immediately as data dependence & 2-way risks to its outlook were
- The Bank lifted its short run inflation exp., left its OCR track unchanged &
lowered its NZD TWI outlook.
- In the press conference Gov. Orr stressed that he isn't taking the possibility
of a rate cut off of the table, as he highlighted that a miss vs. GDP exp. Could
trigger such an event.
- Orr also noted that the Bank is comfortable with its foot on the accelerator.
- NZD/USD last $0.6794, bulls continue to look for a close above $0.6800, with
bears needing a move back below the Nov 02 high at $0.6690.
MNI London Bureau | +44 0203-865-3809 |