The post on the Reserve Bank of New Zealand is here, the main takeaway is the RBNZ have cut forecasts for rates, GDP and more, which has seen the NZD fall:

The Bank is still expecting the next move will up (we'll see about that I reckon) but have extended their expected time for the cash rate to stay at 1.75% where it is now

It is this shift in policy guidance that has hit the kiwi … from the Bank (bolding mine):

"We expect to keep the OCR (where it is now) through 2019 and into 2020

longer than we projected in our May Statement.

The direction of our next OCR move could be up or down."

The new track for the OCR forecast its reaches 2% in Q4 2020

  • previous to today it was expected to get to 2% in Q1 2020