The New Zealand press provides a useful recap on the RBNZ announcement of no interest rate change:
Main points:
- Official cash rate left unchanged at 2.5%
- Reserve Bank governor Graeme Wheeler reiterated his view that the New Zealand dollar is “overvalued”
- Wheeler said the BOJ’s huge new monetary stimulus is underpinning some of the NZD gains
- Also said the housing market is still a concern for the central bank, and that house price inflation is high and prices elevated in some regions
