Reserve Bank of New Zealand, NZD/USD

The New Zealand Dollar was relatively flat against the US Dollar following the Reserve Bank of New Zealand’s (RBNZ) April interest rate decision on Wednesday. The island nation’s central bank held its Overnight Cash Rate (OCR) at 0.25%, as widely expected. NZD/USD is nearly unchanged on the day despite the inherently dovish stance of holding the OCR at a record low and stating that if needed, the Committee is prepared to go lower. New Zealand’s economy is in danger of a double-dip recession following a worse-than-expected Q4 GDP print which revealed a 1.0% drop in economic growth for the three months through … (full story)

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