NZ dollar falls as Reserve Bank adopts gloomy outlook | WHAT REALLY HAPPENED


NZ dollar falls as Reserve Bank adopts gloomy outlook

*It's starting*

The Reserve Bank has kept its official cash rate (OCR) on hold at 1.75 per cent, as expected, but said the next move is likely to be down.

At the last OCR review in February, the bank said the next move could be up or down.

But today, the bank said: "Given the weaker global economic outlook and reduced momentum in domestic spending, the more likely direction of our next OCR move is down."

The New Zealand dollar fell by about one us cent to US68.16c from just over US69c before the 2pm announcement.

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