Yesterday, the Reserve Bank of New Zealand decided to reduce the interest rate by 0.25% to 2.5%, and it was the fourth decrease this year. The reason for this step was the low inflation rate of 0.4% that is well below the target range of 1-3%. If necessary, the easing of monetary policy may continue in the coming year. In addition, the regulator noted the relevance of reducing the New Zealand dollar against the background of deterioration in the trade. Our medium-term outlook for the New Zealand dollar remains negative and we expect decline to 0.6450 and 0.6250 soon after the Fed's decision on interest rates.