As expected , NZD/USD trading at 0.8195.05.

RBNZ says :

  • Appropriate for policy to be held steady
  • High NZ dollar undermines export earnings .
  • Sees 90 day bank bill average 2.7% Dec.2012: 2.7 % June 2013 and 2.8% Dec. 2013.
  • Says NZ outlook consistent with June MPS.
  • Domestic economic activity to grow modesty over next few years .
  • Fiscal consolidation, exchange rate constrain demand .
  • Inflation rate near mid target range .
  • Trading partner outlook weak , Chinese growth has slowed .
  • Says housing market improving as forecast .

NZD/USD now at 0.8195/00.