What it measures
The Official Cash Rate is the interest rate the Reserve Bank sets to influence the rates banks charge and pay. The calendar shows the OCR after each decision.
Who publishes it and when
The Monetary Policy Committee reviews the OCR about every six weeks. Decisions are published at 14:00 Wellington time, either with a short Monetary Policy Review or with a full Monetary Policy Statement that includes forecasts and a press conference.
How it is put together
The Monetary Policy Committee is made up of Reserve Bank staff and external members. Its remit is to keep inflation between 1% and 3% over the medium term, aiming for 2%.
What traders watch
Traders watch the decision, the projected path of the OCR published with each Monetary Policy Statement, and the wording about future moves.
How markets have usually reacted
A rise, or a projected path higher than expected, has often lifted the New Zealand dollar; a cut or a lower path has often weakened it.
Common mistakes
- Ignoring the projected OCR path, which can matter more than the decision.
- Trading the first seconds after the release, when spreads are widest.
How a higher or lower figure is usually read
A rate rise is usually read as supportive for the New Zealand dollar and a cut as negative. When no change is expected, the guidance matters most. Not a signal.
Release history
| Date | Period | Actual | Previous |
|---|---|---|---|
| — | — | 2.75% |
Related news
- New Zealand CPI
- New Zealand Unemployment Rate
- New Zealand GDP
- Reserve Bank of Australia Rate Decision (cash rate)
- Economic calendar: every release this week in your time zone
- Lot size calculator: keep your risk the same around news
- How to use an economic calendar: what happens around a release, and how to plan for it
Trading involves a high risk of loss. This page is information and education, not advice or a signal to trade. See the Risk Disclaimer.
Official source
Source: Reserve Bank of New Zealand.
Calendar data: www.rbnz.govt.nz
Published by Reserve Bank of New Zealand (RBNZ), Monetary Policy Committee: www.rbnz.govt.nz