Highlights of the RBNZ decision on January 29, 2015:

  • RBNZ says kiwi dollar remains unjustifiably, unsustainably high
  • Expects to keep rates on hold for some time
  • Maintains rates at 3.50%
  • Inflation to move to 2% more slowly
  • Trading partners weaker than previously expected
  • Expects further significant fall in NZD
  • Further moves “up or down” depend on data
  • Full text of the RBNZ

They shifted from a hawkish bias to a neutral bias and added some jawboning. Quick 60 pip move down in NZD, the Aussie was pulled down with it.