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RBNZ leaves interest rate unchanged at 2.5%

The Reserve Bank of New Zealand decided today to leave the Official Cash Rate (OCR) unchanged at 2.5% as expected.

In a statement, Reserve Bank Governor Graeme Wheeler said that the economic recovery is uneven and mentioned that the strong currency is undermining profitability in export and import competing industries.

The bank expects the country to grow at an annual rate of between 2-3% while inflation is expected to rise gradually towards the 2%, midpoint of the target range.

"There are both upside and downside risks to this outlook. At this point we expect to keep the OCR unchanged through the end of the year", the RBNZ said.

Forex: NZD/USD collapses to 0.8200 after RBNZ decision

the New Zealand Dollar has reacted down after the RBNZ decision to leave unchanged its interest rate at 2.5%. The NZD/USD fell around 70 pips from the 0.8270 to test the 0.8200 level following the release. Currently the pair is trading at 0.8205.
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Forex: AUD/USD falls below 1.0300

The Aussie is trading lower against the USD following the RBNZ decision to leave unchanged its interest rate at 2.5%. The AUD/USD has fallen around 20 pips in the last minutes from 1.0310 to break down the 1.0300 level and test 1.0290.
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