Responses to the RBNZ announcement coming in

The Reserve Bank of New Zealand policy announcement for 3 November 2019 is here:

• RBNZ announce cash rate on hold - surprise decision

And, further:

• NZD jumps on the 'on hold' RBNZ interest rate decision
• RBNZ leave cash rate on hold - summary of statement

• RBNZ Gov. Orr: On hold decision was unanimous
• More from RBNZ Gov Orr - monetary policy is effective, see impacts coming through

Comments from Westpac, these in summary from a longer piece:

• a major surprise … widely expected a cut
• easing bias was evident from the final sentence of the press release: "We will add further monetary stimulus if needed.", although it is slightly less dovish than September's press release
• easing bias was also evident from the OCR forecast, which retained a trough at 0.9% (albeit earlier, in Q1 2020) implying some chance of a further OCR reduction