Intra-Day Market Moving New and Views NZD/USD
11 Sep 2014
NZD/USD - ...... News from New Zealand on interest rate decision: RBNZ holds offical cash rate unchanged at 3.5% in Sept.
Statement from RBNZ on interest rate, quote:-
'prudent to have a period of assessment on rates;
90 day bank bill avg 3.8 pct dec (pvs 4.0 pct);
3.9 pct March '15 (pvs 4.3 pct);
some further tightening will be necessary;
90 day bill 4.0 pct Jun '15 (pvs 4.5 pct);
4.3 pct Dec '15 (pvs 4.7 pct);
4.5 pct Jun'16 (pvs 5 pct);
sees annual cpi 1.3 pct end 2014 (pvs 1.5 pct);
1.6 pct at end 2015 (pvs 1.9 pct);
economy adjusting to policy measures;
sees GDP yr to March '15 3.2pct (pvs 2.7 pct);
2.6 pct yr to March'16 (pvs 2.4 pct);
house price inflation easing;
strong NZ dollar will remain significant headwind;
CPI inflation remains moderate;
paying close attention to how NZ dollar responds to lower export prices;
NZ$ remains unjustifiable and unsustainable;
pick up in inflation to be gradual, capacity pressures subdued;
expects further significant fall in NZ$;
economic growth seen moderating to more sustainable pace in coming years;
export commodity prices to recover, terms of trade to stay historically high;
inflation, housing risks around strong immigration;
net immigration to peak at end 2014 impact on housing seen subdued;
tradeables inflation to pick up in mid term, reflecting weaker NZ dollar;
expects economic growth to moderate in response to falling commodity prices and higher rates.'
Thursday will see the release of Reserve Bank of New Zealand interest rate decision, Australia's employment, full time employment and unemployment rate, China's CPI and PPI, Germany's CPI and HICP, Canada's new housing price index and U.S. Federal budget.
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