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The Reserve Bank of New Zealand (RBNZ) kept the cash rate on hold at 2.75% on Thursday, citing improved consumer and business confidence after recent dairy price rises, but signalled that further easing remained on the cards as the stronger New Zealand dollar and uncertain growth outlook threaten the bank's inflation forecasts.
The NZD/USD was trading at $0.6713 almost an hour after the RBNZ's announcement, having plunged as low as $0.6621 immediately after the Official Cash Rate (OCR) was left on hold at 2.75%.
RBNZ Governor Graeme Wheeler said on Thursday that the exchange rate had been moving higher since September, "which could, if sustained, dampen tradables sector activity and medium-term inflation." He said that some further easing in the OCR "seems likely," adding that "this will continue to depend on the emerging flow of economic data. It is appropriate at present to watch and wait."
Before today, the RBNZ had made three-consecutive interest rate cut between June and September.
