The Reserve Bank of New Zealand (RBNZ) Governor Adrian Orr is on the wires now, via Reuters, speaking at the post-monetary policy press conference.
RBNZ stunned markets by delivering a bigger-than-expected cut of 50-pips, knocking-off the Official Cash Rate (OCR) to a record low of 1.00%.
Key Quotes:
Today’s decision doesn’t rule out any future action.
Nothing is ruled out for the future.
Lower monetary policy operating at a lower neutral interest rate.
Lowering the interest rate is “completely sensible” at this point in time.
The Kiwi is seen heading for a test of the 0.64 handle, its weakest since January 2016, as Orr leaves doors open for further rate cuts.
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