WELLINGTON - New Zealand’s central bank cut its benchmark interest rate for the first time in two-and-a-half years on Wednesday and signaled a 50-50 chance of another easing, sending the local dollar sharply lower.
The New Zealand dollar stumbled to a six-month low of $0.6525 following the rate decision while government bonds jumped, sending yields 5-7 basis points lower across the curve. The RBNZ fell short of providing explicit guidance on future moves but said “a lower path for the OCR over the projection period was appropriate.”
Expectations for a cut had grown in recent months, as New Zealand struggles with weak economic momentum, slowing global growth and inflation falling further below its target.
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