More from Wheeler’s press conference (earlier comments are here)
- Says the bank will continue to monitor the NZD
- Declines to comment on possible intervention
- projecting further declines in dairy prices
- Surprised the NZD hasn’t fallen in response to decline in commodity prices
- Expects weakening as commodity prices fall
- Says there is strong historical correlation between the NZD and terms of trade
- To be blunt – We would like to see lower currency, higher longer term interest rates
