RBNZ Orr speaks in Wellington
The RBNZ Gov. Orr is speaking Wellington. The RBNZ kept rates unchanged last night and said that rates would likely remain unchanged for the rest of the year. He says:
- low rates remain necessary
- coronavirus is the downside risk to Outlook
- real wages are starting to pick up
- We are seeing monetary policy work
- Govt fiscal spending also give us confidence
- Will only have an impact on monetary policy if outbreak last for sustained period
- Confident monetary policy is working, encouraged by governments fiscal support
The NZDUSD has moved back below its 100 day moving average at 0.64656. The current price is trading at 0.6462. There is little reaction so far to Orr's comments.
