RBNZ Governor Orr says its been a long battle, the latest data is satisfactory

RBNZ Governor Orr press o=confernce following the rate hike earlier. Read from the bottom up for the chronology:

• RBNZ Governor Orr Monetary policy media conference - live link
• RBNZ minutes indicate a split decision on rate hike
• RBNZ says that Businesses reporting lack of demand the main constraint on activity
• NZD marked significantly lower following the RBNZ 25bp rate hike
• RBNZ raise its cash rate by 25bp

Orr:

• latest data is satisfactory
• its been a long battle
• today was the first time the monetary policy committee went to a vote over the decision
• outlook for fiscal spending is contractionary on demand
• expects to keep a restrictive monetary policy for some time
• forecast is that the surge in immigration will ease off
• no longer about labour shortage, its now about demand shortage

RBNZ chief economist Conway:

• labour market is becoming less pressured

nzd NZD The New Zealand Dollar (NZD) is the official currency of New Zealand and the tenth most traded currency in the world. Also referred to as the Kiwi, the currency is also utilized in several Pacific islands, including Tokelau, the Cook Islands, Pitcairn islands, and Niue.The NZD’s history is long, extending back to 1934 with the creation of the Reserve Bank of New Zealand. While far from the most traded currency in the global forex market, the NZD has a key role nonetheless.The NZD is considered a The New Zealand Dollar (NZD) is the official currency of New Zealand and the tenth most traded currency in the world. Also referred to as the Kiwi, the currency is also utilized in several Pacific islands, including Tokelau, the Cook Islands, Pitcairn islands, and Niue.The NZD’s history is long, extending back to 1934 with the creation of the Reserve Bank of New Zealand. While far from the most traded currency in the global forex market, the NZD has a key role nonetheless.The NZD is considered a Read this Term