Daily Alert: RBNZ updates its outlook, but keeps the dovish tone

  • At the RBNZ’s first Monetary Policy Statement of the year, the bank acknowledged the better position of the NZ economy, but sought to hold a dovish line, despite viewing the risks to the economic outlook as now being more balanced.
  • The local market focused more on the RBNZ’s improving baseline scenario than its efforts to tow a dovish line.
  • The NZD made solid gains yesterday in the aftermath of the RBNZ announcement and remained the standout performer overnight, lifting against all of its G10 peers.

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