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The Kiwi melts up after the RBNZ left rates unchanged

EURUSD News by Newsroom on 00:44 June 22, 2017 EST
The Reserve Bank of New Zealand (RBNZ) left te cash rate unchanged at 1.75% as expected and delivered a neutral policy bias, indicating that interest rates are likely to remain on hold for “a considerable period” on Thursday.

However the statement kept this bullish headline “Global economic growth has increased and become more broad-based” repeating the phrase it used in May.

The central bank remains optimistic on domestic economic outlook.

On higher prices it is noted that "The increase in headline inflation in the March quarter was mainly due to higher tradables inflation, particularly petrol and food prices," Wheeler said in a statement. "These effects are temporary and may lead to some variability in headline inflation."

With respect to the current value of the kiwi " A lower New Zealand dollar would help rebalance the growth outlook towards the tradables sector," Wheeler said.