The NZD/CHF currency pair extended a pullback from a 19-week low of 0.4540 on Tuesday ahead of the outcome of the RBNZ’s policy meeting on Wednesday.
The Reserve Bank of New Zealand is expected to keep its official cash rate intact at 2.25% at its April 8th meeting.
The RBNZ has shown little urgency to tighten policy, in contrast to a more hawkish shift expected by markets.
In February, RBNZ Governor Anna Breman stated that the central bank was not intending to raise interest rates “until we see a stronger economy, more inflationary pressure.”
Breman had said the official cash rate would likely stay without change for an extended period.
Meanwhile, the latest inflation data out of Switzerland eased immediate pressure on the Swiss National Bank to alter its current policy stance.
Swiss consumer prices rose 0.3% year-on-year in March, picking up from 0.1% in February. The reading fell short of the 0.5% consensus estimate, but still marked the highest inflation in a year.
Despite the uptick, inflation has remained close to the lower end of the Swiss National Bank’s 0%-2% target range.
The NZD/CHF currency pair was last up 0.06% on the day to trade at 0.4558.
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