Highlights of RBNZ Governor Wheeler's press conference March 12:
- Threats to poison New Zealand dairy had no effect on decision
- First heard about threats 3 months ago
- New Zealand situation different to those who cut rates
- Monetary policy still expansionary
- If price expectations fall a lot, would affect policy
- Concerned about Auckland housing for stability purchases
- Latest statement is neutral, will be watching closely incoming data
Wheeler is emphasizing that New Zealand isn't Australia or Canada and the kiwi is beginning to respond, up 40 pips from pre-RBNZ levels, at 0.7233.
