The Reserve Bank of New Zealand announcement was earlier: RBNZ announcement - on hold (as expected)

Analyst comments:

  • Responses to the RBNZ - "key policy guidance paragraph ... unchanged"
  • Responses to the RBNZ - "maintained a reasonably optimistic tone"

More now, this from ANZ (in brief):

  • The message and tone were similar to the May Monetary Policy Statement
  • It's still softly jawboning the NZD. Following a little more comfort in May, the RBNZ has acknowledged that the NZD has risen since then and believes that "a lower New Zealand dollar would help rebalance the growth outlook towards the tradable sector". There is nothing stern in this and it's hard to argue against currency strength when your terms of trade are set to hit an all-time high. Given the NZD's spike, the market was obviously looking for something more.
  • We are still left with the clear impression that the hurdle for policy action (in either direction) remains high.
  • We doubt the RBNZ will be ready to embrace a tightening mind-set until there are clearer signs that domestic inflation is broadening beyond just housing.

Kiwibank:

  • On the exchange rate, the Bank noted that the currency has in party moved higher due to recent gains in export prices. If the Bank believes the recent rally has been caused by more positive underlying fundamentals then the rebound can be 'justified'. However, the market was expecting stronger language on the exchange rate and failure to deliver that has sent the NZD higher against most major trading partners, with the NZ TWI rallying to 78.50.
  • Policy Implications ... The RBNZ today maintained a very neutral tone, giving themselves plenty of time to see how economic data progresses over the year ahead ... we still see a rate hike earlier than the RBNZ's projections suggest as inflation pressure builds and major global central banks continue to move toward tighter monetary policy settings. We expect to see gradual OCR hikes commence from November 2018, about a year earlier than the RBNZ's view (second half of 2019) but slightly later than market pricing implies (August 2018).
  • Market Reaction
    ... The language could have been stronger around the currency, for example stating that "a decline in the exchange rate is needed " as they have in previous statements, but it appears that the Bank isn't too perturbed by the rally in the currency given that export prices have also risen.

(any bolding is mine)