RBNZ’s Orr: The central bank remains committed to provide more stimulus if needed

Dhwani Mehta FXStreet

“The central bank remains committed to providing more stimulus if needed,” said the Reserve Bank of New Zealand (RBNZ) Governor Adrian Orr while speaking at the post-monetary policy decision press conference on Wednesday.

Additional quotes

We want to retain all optionality for stimulus.

Always talked about negative rates as an option to be available to us.

Very aware of global rise in bond yields.

Hope the economy remains on the recovery path.

Monetary policy consistent with the central bank’s objectives.

If conditions tighten, we will alter our settings.

Need to be patient, courageous with policy to meet targets.

OCR can go lower.

The RBNZ’s Deputy Governor Christian Hawkesby spoke alongside Governor Adrian Or, noting that the bank wants to be a downward influence on the yield curve.

Market reaction

NZD/USD is off the multi-year highs but keeps a major part of the post-RBNZ rate decision gains.

The kiwi currently trades at 0.7370, up 0.42% on the day.

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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