Some of the highlights from the RBNZ statement.
- Further rate cuts remain possible though cash rate is likely to stay steady until late next year
- Rates will eventually rise when economic recovery is entrenched
- High NZD threatens economic recovery
- Q3 GDP should improve slightly to +0.1% from -0.1% in Q2
- NZD rise against the AUD is at odds with fundamentals
The NZD dipped a little at first but has now popped back up.