As Expected, RBNZ Maintains OCR at 1.75%

The RBNZ have maintained the Official Cash Rate (OCR) at 1.75%. This was widely expected.

The key points in the RBNZ statement are:

• Keeps cash rate unchanged at 1.75%

• Monetary Policy will remain Accommodative for a considerable period

• Numerous uncertainties remain; may adjust policy accordingly

• Outlook for tradeables inflation remains weak

• Headline inflation is likely to decline in coming quarters

• House price inflation moderation is expected to persist, bur risk of resurgence in prices remains.

The NZD is higher in immediate response.

Below is link to the full RBNZ press statement:

http://www.rbnz.govt.nz/news/2017/06/official-cash-rate-unchanged-at-1-75-percent

Current indicative levels are:

NZD-USD 0.7330 / 0.7360
NZD-AUD 0.93.00 / 0.9330
NZD-EUR 0.6230 / 0.6260
NZD-GBP 0.5640 / 0.5660
NZD-JPY 80.60 / 81.00

ENDS

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