The 52nd Parliament in New Zealand was formally opened on Tuesday in Wellington and overnight we had the State Opening ceremony. As promised during the election campaign, Finance Minister Grant Robertson has launched a review of the Reserve Bank of New Zealand’s mandate to include maximizing employment as a monetary policy goal. However, he said there was no plan to include the New Zealand dollar, the world’s 11th most traded currency, in the bank’s revised mandate. Mr Robertson also said he did not expect the proposed alterations to have any immediate impact on monetary policy, but acknowledged that in a situation of high unemployment and slightly higher inflation, rates could be lowered though, “My view is that this shouldn’t have a dramatic impact, certainly in the near-term”. The Kiwi Dollar was pretty resilient on Tuesday, holding steady against the USD even as the AUD came under some selling pressure and it opens in London this morning at 0.6911. At one point yesterday, the AUD/NZD cross was down to 1.1057; its lowest point in almost three weeks and it stands now at 1.1079 after a generally quiet overnight session. For local FX markets, the next key event is still Thursday’s RBNZ meeting.