From the Reserve Bank of New Zealand policy meeting concluded now (preview is here):

Official Cash Rate (OCR) remains at 3.50%, as expected

  • Says prudent to undertake a period of assessment
  • Drops reference to further policy tightening
  • Inflation expected to increase as expansion continues
  • Says level of NZD unjustified and unsustainable
  • Says fast NZ growth to moderate over coming years
  • Major economies softening except US
  • House price inflation has fallen significantly
  • Expects supportive monetary policies for longer in all major economies
  • Expects further significant fall for New Zealand dollar

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(and ps. The RBNZ reports its fx transactions for September later in the session – due at 0200GMT)

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NZD taking another leg lower after it dropped on the FOMC decisions earlier

Note the forceful language used by the RBNZ on the currency – they want it lower and the jawboning hasn’t stopped. As noted above, later in the session we get RBNZ FX transactions for September – the question is, did they intervene again? (If they didn’t it will be positive for the kiwi, but market attention will still be focused on the potential for intervention ahead.)

Also, note what they didn’t say … they dropped a comment used in September about “some further policy tightening” being necessary to keep inflation near the 2% target – instead saying a period of assessment was needed before policy adjustment.

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By the way … here is a quick look at where some of the bank expectations are for the next RBNZ hike (prior to today’s announcement):

September 2015 is a popular pick:

But, on hold all through 2015 and not until 2016 is also growing: