RBNZ’s Orr: Today was first time monetary policy committee went to vote for a decision

Dhwani Mehta FXStreet

Reserve Bank of New Zealand (RBNZ) Governor Adrian Orr is speaking at the press conference that follows the May monetary policy decision this Wednesday. The central bank delivered a dovish 25 basis points (bps) Official Cash Rate (OCR) rate hike and squashed the Kiwi Dollar.

Key quotes

Today was first time monetary policy committee went to vote for a decision.

Outlook for fiscal spending contractionary on demand.

Latest data is satisfactory.

Its been a long battle.

We want to see deposit rates rise further.

The labour market is becoming less pressured.

Foreshadowing keeping a restrictive monetary policy for some time.

Projection is surge in immigration eases off.

House prices now much closer to their sustainable levels.

We are getting on top of inflation.

Interest-sensitive sectors of the economy are yielding.

Market reaction

NZD/USD remains heavy below 0.6200 on Orr’s comment. The pair is trading at 0.6176, down 1.14% 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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