RBNZ Gov. Adrian Orr speaking
The Gov. of the RBNZ Orr is on the wires saying:
- It was without that a tough decision to hold rates
- We debated a cut
- rates need to stay low for long period of time
- RBNZ will do what it takes to meet inflation target
- RBNZ can spent time observing monetary policy working
The RBNZ surprise market by keeping rates Unchanged. The market was expecting a 25 basis point cut from 1% to 2%.
The NZDUSD is close to the session highs reached minutes after the surprise decision at 0.64153. The corrective low during the European/New York session found support buyers against the 100 bar moving average on the 4 hour chart and the 200 hour moving average at the 0.6377-81 area (the low reached 0.6381 level earlier in the day).
