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The RBNZ does not hint of an easing as cash rate remains unchanged.

Written by Sam Coxhead on October 25th, 2012.      0 comments

9:32 AM (NZT) Greetings,
 
The RBNZ have just released their monetary policy announcement and small statement. They have left the official cash rate unchanged at 2.50%. They have not hinted at any potential easing following last week’s lower than expected 3rd quarter inflation number. The crux of the message is that they expect inflation to move back towards the middle of the band.
 
If the gaining momentum in the Christchurch rebuild, and the increased housing activity continue as expected, we should expect the cash rate to remain unchanged for quite some time.
 
Yesterday’s higher than expected Australian inflation number, and recovering Chinese manufacturing data have been supportive for the Australasian currencies. The reasonable US data from overnight further solidified the bounce in demand over the last couple of sessions.
 
The NZ dollar has seen good demand following the announcement, seeing gains across the board.
 
Currency pair Current level   Pre-RBNZ    % change 24 hour range
NZDUSD 0.8205 0.8150 0.67% 0.8101 0.8205
AUDUSD 1.0352 1.0336 0.15% 1.0253 1.0366
NZDAUD 0.7927 0.7885 0.53% 0.7866 0.7927
AUDNZD 1.2615 1.2682 -0.53% 1.2615 1.2713
NZDGBP 0.5115 0.5087 0.55% 0.5074 0.511
NZDEUR 0.6325 0.6291 0.54% 0.6242 0.6317
NZDJPY 65.45 65.09 0.55% 64.64 65.40
NZDCAD 0.8151 0.8103 0.59% 0.8041 0.8148
Topics: RBNZ NZ dollar
 

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