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NZ Dollar Fails to Hold Gains After RBNZ Policy Meeting

September 28, 2017 at 9:44 by Vladimir Vyun

Many 100-dollar billsThe New Zealand dollar attempted to rally during the Asian trading session but failed to hold onto gains and is trading near the opening level as of now.

The Reserve Bank of New Zealand held a policy meeting at the end of the previous trading session. As was widely expected, the central bank left its main interest rate unchanged at 1.75%. The RBNZ said in the statement that “growth is projected to maintain its current pace going forward” as opposed to the previous projections of accelerating growth. The Bank clearly showed no intention to raise interest rates going forward, stating:

Monetary policy will remain accommodative for a considerable period. Numerous uncertainties remain and policy may need to adjust accordingly.

NZD/USD opened at 0.7198, rallied to 0.7232, but pulled back to 0.7189 as of 9:40 GMT today. NZD/JPY traded at 81.09 after opening at 81.17 and rising to the daily high of 81.63.

If you have any questions, comments, or opinions regarding the New Zealand Dollar, feel free to post them using the commentary form below.