Dovish but inconsistent
Here is how Westpac sees the RBNZ decision:
"The
RBNZ’s Monetary Policy Statement (MPS) this morning kept the OCR on hold
at 1.75%, as was widely expected, and retained a largely neutral bias. However
the slightly dovish final policy sentence was surprisingly retained, while the
OCR projection was shifted 10bp higher. Markets focused on the former, causing
the NZD to fall slightly.
