Westpac are very quick off the mark with a considered response to the Reserve Bank of New Zealand statement.

It was

no surprises at all

that jumped out at me

More:

policy guidance paragraph a repeat from February

NZD exchange rate narrative omitted

  • That is understandable given the NZD TWI averaged 75.0 in Q1 - exactly matching the RBNZ's previous forecast.

commentary peppered with only minor tweaks

Markets will now look ahead to the release off the new PTA.