RBNZ held the official cash rate at 1.75%. Rate statement was little changed. Both wages and inflation are expected to increase gradually. Monetary policy is to remain accommodative for a considerable period. Comment on New Zealand dollar was softer than many expected.

Kiwi jumped about half a cent after the release and stabilized near 0.725 in following hours. Month's high near 0.7325 is the next target and then year's high at 0.7375. Strong support area at 0.7175 - 0.72 should continue to hold if buyers are to remain in control.

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