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NZD/USD: What to make of the RBNZ?

Lost amidst all the hubub surrounding the Federal Reserve’s mostly as-expected tweaks to its statement was the RBNZ’s much more interesting monetary policy meeting. As you’ve probably heard by now, the RBNZ opted to leave interest rates unchanged at 2.50%, as all but the most pessimistic of analysts expected, but adopted a much more dovish outlook. To wit, Governor Graeme Wheeler noted that "Headline inflation is expected to increase over 2016, but take longer to reach the target range than previously expected. Monetary policy will continue to be accommodative. Some further policy easing may be required over the coming year to ensure that future average inflation settles near the middle of the target range" (emphasis mine).

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