Breaking: RBNZ’s Orr: Unlikely to need ‘unconventional’ monetary policy tools, Kiwi jumps
|The Reserve Bank of New Zealand (RBNZ) Governor Adrian Orr is on the wires now, via Reuters, noting that New Zealand is in a sound position to seize the opportunities and manage the challenges associated with global low interest rate environment.
Additional Quotes:
There is already a strong fiscal impulse underway from public spending and investment.
Current view is that we are unlikely to need ‘unconventional’ monetary policy tools.
Many central banks are facing the challenge of inflation consistently running below target.
Confident that rates will remain low for a number of years, providing a great environment to invest.
The above comments put a strong bid under the Kiwi, driving the rates nearly 20-pips higher. The spot now looks to regain the 0.63 handle, up +0.40% so far.
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