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- RBNZ’s Orr: Rise in OCR track is not forward guidance
RBNZ’s Orr: Rise in OCR track is not forward guidance
After maintaining the interest rate at 5.50%, Reserve Bank of New Zealand (RBNZ) Governor Adrian Orr is speaking at the post-policy meeting press conference this Wednesday.
Key quotes
Rise in OCR track is not forward guidance.
Not a strong signal about our next move.
Wary about doing too much on rates.
Risks in next few months are activity could be stronger than projected.
Ready to work through data noise in near term.
Not much discussion of a rate cut, steady consensus was easily formed.
We are very comfortable with OCR where it is.
Still on a path to a soft landing.
Market reaction
NZD/USD keeps its recovery mode intact above 0.5950 on Orr’s comments. The pair is currently trading at 0.5962, up 0.27% on the day.
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