BNZ maintain call for November RBNZ rate cut

The Bank of New Zealand morning commentary today takes note of the NZD after the RBNZ decision and statement on policy:

• The NZD/USD did not show a significant response, settling into a range for much of yesterday
• at 0.7300 currently & NZ TWI has also traded lower
• This will be welcomed by the RBNZ that yesterday reiterated that; "A decline in the exchange rate is needed"

More from BNZ:

• RBNZ confirmed its easing bias
• RBNZ downplayed recent positive domestic developments & global backdrop still seen as uncertain (outlook for global growth, commodity prices and the political environment)
• Inflation is seen as being held down by negative tradables inflation but the RBNZ expects a rise from the December quarter ... but the RBNZ still sees negative risks to inflation

BNZ says its "comfortable with our core view for an RBNZ rate cut in November, with a further cut in February being a line ball call"