Highlights of the RBNZ rate decision Dec 10, 2015:

  • Prior was 2.75%
  • Expects for interest rates to remain steady
  • Says will reduce rates if needed
  • The RBNZ only pushed forecasts for hitting the inflation target by one quarter
  • Sees early signs Auckland housing market may be moderating
  • Monetary policy needs to be accommodative
  • Will closely watch emerging flow of eco data
  • Recent rise in NZD unhelpful

There is no sign here of another rate hike and NZD has picked up on that. After a quick move lower it ran to session highs. Last at 0.6680.

Calling NZD rise 'unhelpful' is weaker jawboning that usual too. That's a long way from a threat of intervention.

Watch the webcast of the press conference here.