News Headline Summary

RBNZ governor says NZD significantly overvalued and it is fortunate that it has fallen recently

Says:
- wants to diminish perception that NZD is one way bet.
- Has been trying to dampen spikes in exchange rates.
- If home price pressures ease, NZD stays high OCR could be cut.

Reaction details (21:06)

- In immediate reaction spot NZD moved lower by 20pips from 0.8132 to 0.8111

Analysis details (21:13)

- RBNZ are expected to announce the amount of NZD it sold in April with expectations for it to be around NZD 300mln - NZD 500mln.

29 May 2013 - 21:03 - - Source: Newswires

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