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The Government’s economic objective is to improve the wellbeing and living standards of New Zealanders through a sustainable, productive and inclusive economy. Our priority is to move towards a low carbon economy, with a strong diversified export base, that delivers decent jobs with higher wages and reduces inequality and poverty. Monetary policy plays an important role in supporting the Government’s economic objective. The Government expects monetary policy to be directed at achieving and maintaining stability in the general level of prices over the medium term and supporting maximum sustainable employment. This ... (full story)
NZD/USD made a high of 0.6763 in NY from a low of 0.6722 on Wednesday's trade while consolidating at 0.6750 going into the RBNZ decision. The Kiwi has now weakened as there is little reason to hold NZD with the US having a higher cash rate that is on the rise compared with the RBNZ's - thus the 'carry' incentive no longer applies. NZD/USD dropped to a low of 0.6704 so far. It was widely expected that the RBNZ would be on hold, so the key here is the Monetary Policy Statement. Some were looking for a delay in the +10bp signal from Q3 2019 into 2020m although the RBNZ have forecasted an OCR of 1.8% by Dec 2018/Sep 2019 ... (full story)