Back
13 Jun 2013
Flash: Greece RBNZ offers little surprises – NAB
FXstreet.com (New York) - The RBNZ announced earlier an unchanged OCR at 2.5% as universally expected.
In saying it expects to maintain the OCR here through the end of the year, the central bank continues to stress concerns that Auckland and Canterbury house price inflation does not get out of hand but also stresses the headwinds from a continued overvalued dollar (despite acknowledging the recent fall).
Overall, “nothing to unsettle expectations for a first RBNZ tightening come Q1 2014 or move the NZD significantly, though we might see further attempts by governor Wheeler to talk the currency lower later to close out the week.” notes the NAB Research Team.
In saying it expects to maintain the OCR here through the end of the year, the central bank continues to stress concerns that Auckland and Canterbury house price inflation does not get out of hand but also stresses the headwinds from a continued overvalued dollar (despite acknowledging the recent fall).
Overall, “nothing to unsettle expectations for a first RBNZ tightening come Q1 2014 or move the NZD significantly, though we might see further attempts by governor Wheeler to talk the currency lower later to close out the week.” notes the NAB Research Team.