NZ dollar, swaps jump as RBNZ unexpectedly keeps OCR at 1%

Wed, 13 Nov 2019

The New Zealand dollar and swap rates jumped after the Reserve Bank surprised investors by keeping the official cash rate at 1 percent. The kiwi rose to 63.90 US cents at 5pm in Wellington from 63.34 cents immediately before the RBNZ announcement and from 63.37 cents at 8am. The trade-weighted index advanced to 70.67 from 69.96. Most economists and traders expected the RBNZ would cut the OCR a quarter-point to 0.75 percent after inflation expectations were weaker in a survey of business managers and professionals. However, the RBNZ's mo...

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