RBNZ’s Orr: Strong consensus that rates were sufficient
Reserve Bank of New Zealand’s (RBNZ) Governor Adrian Orr is speaking on the policy outlook at a press conference following the announcement of the monetary policy decision on Wednesday.
Orr is responding to questions from the press.
Key quotes
We did discuss a hike in rates.
Strong consensus that rates were sufficient.
Many variables have given us confidence policy is working.
Still concerned about underlying inflation, how grown inflation is easing.
Domestic price pressures are easing as expected.
Comforting to see inflation expectations decline.
Hardest variable for us to manage is low productivity.
Central banks may have to hold rates higher than markets expect.
Should be seeing banks competing on mortgage rates.
We have an asymetric reaction function toward inflation risk.
Data has given us more confidence over outlook than in November.
We are in a disinflation period.
Economy faces soft landing scenario.
Market reaction
NZD/USD is holding lower ground near 0.6100 on Orr’s comments, shedding 0.92% on the day.
New Zealand Dollar price today
The table below shows the percentage change of New Zealand Dollar (NZD) against listed major currencies today. New Zealand Dollar was the weakest against the Japanese Yen.
| USD | EUR | GBP | CAD | AUD | JPY | NZD | CHF | |
| USD | 0.05% | 0.06% | 0.04% | 0.19% | -0.07% | 0.92% | 0.04% | |
| EUR | -0.04% | 0.02% | 0.00% | 0.17% | -0.11% | 0.88% | 0.01% | |
| GBP | -0.06% | -0.02% | -0.02% | 0.15% | -0.13% | 0.86% | -0.01% | |
| CAD | -0.05% | -0.01% | 0.01% | 0.16% | -0.11% | 0.88% | 0.03% | |
| AUD | -0.21% | -0.17% | -0.15% | -0.16% | -0.28% | 0.72% | -0.16% | |
| JPY | 0.06% | 0.10% | 0.13% | 0.12% | 0.26% | 0.97% | 0.12% | |
| NZD | -0.94% | -0.90% | -0.89% | -0.90% | -0.73% | -1.01% | -0.90% | |
| CHF | -0.05% | 0.00% | 0.01% | -0.01% | 0.13% | -0.11% | 0.87% |
The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the Euro from the left column and move along the horizontal line to the Japanese Yen, the percentage change displayed in the box will represent EUR (base)/JPY (quote).