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RBNZ leaves the cash rate unchanged as expected.

Written by Sam Coxhead on December 6th, 2012.      0 comments

9:54 PM (NZT) The RBNZ have maintained the cash rate at the historically low 2.50%. For the most part this was expected by the market , albeit some of the offshore investor market was positioned for a change in bias towards lowering the cash rate at some stage. This seems unlikely at this time with RBNZ Governor Wheeler stating that present forecasts see the cash rate unchanged through until 2014.
 
The statement remains very balanced and expectedly neutral. The NZ dollar has seen a small  increase in demand following the announcement, and this is attributable to a scramble for offshore investors to exit “sold NZD” positions.
 
The full statement from the RBNZ can be see here : http://www.rbnz.govt.nz/news/2012/5058066.html
 
If offshore markets the USD remains under a little pressure as the Eurozone uncertainty remains towards the lower end of recent ranges, and the fiscal cliff issues dominate headlines.
 
Currency pair Current level Pre-RBNZ Percentage change 24 hour range
NZDUSD 0.8278 0.8252 0.32% 0.8230 0.8293
AUDUSD 1.0460 1.0462 -0.02% 1.0438 1.0485
NZDAUD 0.7914 0.789 0.30% 0.7855 0.7924
AUDNZD 1.2636 1.2674 -0.30% 1.2620 1.2731
NZDGBP 0.5145 0.5127 0.35% 0.5110 0.5149
NZDEUR 0.6332 0.631 0.35% 0.6283 0.6337
NZDJPY 68.20 67.95 0.37% 67.37 68.34
NZDCAD 0.8208 0.8182 0.32% 0.8169 0.8219
Topics: RBNZ
 

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