NZD/USD: Orr resigns from his position in the RBNZ – BBH

RBNZ Governor Adrian Orr unexpectedly resigned, BBH's FX analysts report.

RBNZ to ease rates by 75bps over the next 12 months

"Deputy Governor Christian Hawkesby will be Acting Governor until March 31. From April 1 the Minister of Finance, on recommendation from the RBNZ Board, will appoint a temporary Governor for a period of up to six months."

"Orr’s sudden departure was a personal decision according to RBNZ Chair Neil Quigley and has no material policy implications. The RBNZ has penciled-in another 75bps of easing over the next 12 months that would see the policy rate bottom at 3.00%. This seems about right and is in line with swaps market pricing."