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RBNZ’s Gai: US tariffs are a negative demand shock to New Zealand
By Dhwani Mehta
Date Published: 31 Oct 2025 | Date Modified: 31 Oct 2025
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Reserve Bank of New Zealand (RBNZ )Monetary Policy Committee member Prasanna Gai delivered some comments at an event in Melbourne on Friday.
Reserve Bank of New Zealand (RBNZ )Monetary Policy Committee member Prasanna Gai delivered some comments at an event in Melbourne on Friday.
Gai said: “US tariffs are a negative demand shock for New Zealand.”
He further noted that these tariffs are acting as headwinds to the already restrained growth.
Market reaction
The downbeat comments add to the New Zealand Dollar’s (NZD) latest decline, with NZD/USD losing 0.19% on the day at 0.5730, when writing.
New Zealand Dollar Price Today
The table below shows the percentage change of New Zealand Dollar (NZD) against listed major currencies today. New Zealand Dollar was the weakest against the Japanese Yen.
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | -0.04% | -0.01% | -0.15% | 0.02% | 0.05% | 0.19% | -0.01% | |
| EUR | 0.04% | 0.02% | -0.11% | 0.05% | 0.09% | 0.23% | 0.02% | |
| GBP | 0.00% | -0.02% | -0.14% | 0.02% | 0.07% | 0.21% | -0.01% | |
| JPY | 0.15% | 0.11% | 0.14% | 0.15% | 0.20% | 0.33% | 0.13% | |
| CAD | -0.02% | -0.05% | -0.02% | -0.15% | 0.03% | 0.19% | -0.02% | |
| AUD | -0.05% | -0.09% | -0.07% | -0.20% | -0.03% | 0.14% | -0.06% | |
| NZD | -0.19% | -0.23% | -0.21% | -0.33% | -0.19% | -0.14% | -0.22% | |
| CHF | 0.01% | -0.02% | 0.01% | -0.13% | 0.02% | 0.06% | 0.22% |
The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the New Zealand Dollar from the left column and move along the horizontal line to the US Dollar, the percentage change displayed in the box will represent NZD (base)/USD (quote).
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