RBNZ says it bought net 191mln NZD in July

Reserve Bank of New Zealand foreign currency assets & liabilities update

• Largest purchase since March of 2011

The bank says the purchases were "due to routine portfolio rebalancing transactions" (i.e they took some of their short back :-D )

... and that "These transactions do not signal any view on the exchange rate and are not expected have had any material impact on the exchange rate"

OK then ... But, if you pay heed to what they do as opposed to what they say then ... the RBNZ is perhaps indicating to the market it thinks the July levels were a good place to buy to cover some of the short they established back in August 2014 (they sold 521 mio New Zealand then, and bought back 191 mio in July '15.