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RBNZ Wheeler: Some further exchange rate depreciation desirable

FXStreet (Bali) - Comments from Reserve Bank of New Zealand Governor Wheeler keep crossing the wires, noting that some further exchange rate depreciation desirable.

Additional headlines

Most risks facing the economy are on downside

To take longer for headline inflation to reach target

Fixation on headline inflation would be inappropriate

RBNZ may ease further if global outlook worsens

Inappropriate to cut rate in response to low oil price

Don't want price expectations to drop significantly

RBNZ will avoid mechanistic response to low inflation

Encouraging that inflation expectations average 2%

RBNZ monetary policy will continue to be accommodative

RBNZ will draw on PTA flexibility

The Reserve Bank of New Zealand, as noted by Chief Mr. Wheeler today, will continue to draw on the flexibility contained in the PTA (Policy Targets Agreement) in managing economic risks and assessing monetary policy.
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NZ jobs: Huge surprise, looks exagerated - ANZ

According to Philip Borkin, Senior Economist at ANZ, the NZ employment report, while looking exaggeratedly good, should reduce the odds of an OCR cut by the RBNZ in the near-term.
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