Breaking: Reserve Bank of New Zealand keeps rates on hold at 1.50%, NZD drops and pops

At its June monetary policy meeting on Wednesday, New Zealand’s central bank, the Reserve Bank of New Zealand (RBNZ) maintained its Official Cash Rate (OCR) at fresh historic lows of 1.50%, as widely expected.

“All forecasters in the Bloomberg survey look for no change at 1.5%, while money markets price a 20% chance of a 25bp rate cut,” Analysts at Westpac noted.

About RBNZ Interest Rate Decision

RBNZ Interest Rate Decision is announced by the Reserve Bank of New Zealand. If the RBNZ is hawkish about the inflationary outlook of the economy and rises the interest rates it is positive, or bullish, for the NZD.