Reserve bank cuts OCR

Reserve Bank governor Alan Bollard today cut the Official Cash Rate (OCR) to 8 percent from 8.25 percent, the first rate cut in five years.

He cut in spite of annual inflation being 4 percent and expected to hit 5 percent this quarter, citing a rapidly slowing economy.

Economists on average assessed there was a 57 percent chance Dr Bollard was going to move today rather than in September as he indicated last month.


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NZ Market Snapshot

Forex

Sym Price Change
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AUD 0.9015 0.0001 0.01%
EUR 0.6003 0.0000 0.00%
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HKD 5.1075 0.0086 0.17%
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Silver Index 14.8 0.060 2015-07-31T00:

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DJI 17755.9 17783.6 17746.0 -0.32%
FTSE 6668.9 6705.4 6668.9 0.41%
HKSE 24533.1 24533.1 24636.3 -0.87%
NI225 20540.2 20549.8 20585.2 -0.48%