RBNZ turns more dovish, NZD falls

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Wed, 10 Jul 2024

The Reserve Bank of New Zealand kept rates on hold at 5.5% but was more dovish in its outlook.According to the Monetary Policy Committee (MPC), restrictive monetary policy "has significantly reduced consumer price inflation".It now expects inflation to return to within the 1 to 3% target range in the second half of this year. It previously said it would do so by the end of 2024.The statement was also slightly rejigged to say that while the committee agreed that monetary policy needs to remain restrictive, "the extent of this rest...

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