RBNZ Assistant Gov. McDermott: High exchange rate was a key concern

RBNZ Assistant Governor McDermott is crossing the wires, via Reuters, noting that the high NZD exchange rate was a key concern, adding that if NZD higher than forecast, risk of more rate cuts increases.

Headlines

Says central bank projections show one more cut likely, another possible

Does not give timeframe for cut but says 'we have a big chance to assess in November'

Says markets over-anticipated central bank move

Says high exchange rate was a key concern

Main reason for cut is to manage inflation expectations