New Zealand’s Financial Minister Grant Robertson recently followed RBNZ’s Hawksby and New Zealand (NZ) PM Jacinda Ardern while crossing the wires and fueling the New Zealand dollar (NZD). The policymaker increased odds of inaction by the Reserve Bank of New Zealand (RBNZ) in the upcoming meeting by suggesting that the infrastructure spending will boost and economy and jobs.
Key quotes
The economy in good shape, net debt will remain low.
Infrastructure spending takes advantage of record-low long-term interest rates.
FX implications
The NZD/USD pair keeps the recovery gains to 0.6550 following the release. The pair have recently been supported by the broad risk-off while statements from the economy/central bank policymakers have helped extend the pullback from the multi-week low.
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