When New Zealand released their December quarterly GDP report and revealed that domestic demand was strong, with inflation expectations holding just above 2%, Governor Orr stated the official cash rate would not change through through 2019 and 2020.
Thus, the Markets were looking for the RBNZ to hold the official cash rate (OCR) at 1.75% with a slightly dovish shift in their rate statement yesterday to confirm expectations of a rate cut in November or early 2020.
Well, yesterday the Reserve Bank of New Zealand (RBNZ) kept rates unchanged, but said the next rate move will likely be on the downside. RBNZ
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