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NZ finmin: government and RBNZ have scope to respond if needed due to virus

New Zealand's Finance Minister, Robertson, has said that the government and RBNZ have scope to respond if needed due to virus.

Key notes

  • Risk of longer-term economic impacts from the virus.
  • NZ economy is in a strong position to respond to the virus.
  • The virus will have a serious impact short-term.
  • It is responsible to plan for multiple scenarios.

FX implications

 Market pricing for RBNZ implies a 30% chance of easing at the next meeting on 25 March, with a terminal rate of 0.68% (RBNZ OCR currently at 1.0%).

  • NZD/USD refreshes four-month low under 0.6300 after New Zealand Trade Balance

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