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RBNZ’s Orr is speaking in the presser and has said that they are not taking a rate cut off the table.  

  • Data dependent RBNZ leaves Official Cash Rate (OCR) at 1.75%
  • NZD/USD drops modestly after RBNZ, holds near 0.6800

Key quotes so far:  

  • RBNZ is  data dependent.
  • The challenge is to lift inflationary pressure further.
  • Welcomes the declining unemployment rate.

About the RBNZ interest decision and statement

The RBNZ interest rate decision is announced by the Reserve Bank of New Zealand. If the RBNZ is hawkish about the inflationary outlook of the economy and raises the interest  rates  it is positive, or bullish, for the NZD. The  RBNZ  rate statement contains the explanations of their decision on interest  rates  and commentary about the economic conditions that influenced their decision.