The Reserve bank of New Zealand governor, Adrian Orr, is speaking at a press conference and says that the central bank's ''aim is to keep inflation expectations from growing.'' He added that they cannot rule out a worldwide recession in the coming months.

Earlier, the Reserve Bank of New Zealand released its May 2022 Financial Stability Report. Reuters posted key notes from the reports follows:

''The New Zealand financial system remains well placed to support the economy.''

''If interest rates need to increase more than currently anticipated to contain inflationary pressure, this could lead to a softening in the labour market over time.''

''A slowdown in global growth, increasing trade protectionism, or further sanctions could amplify trade impacts in NZ.''

Meanwhile, the NZD has been drifting in markets and is doing little despite the jobs data coming in line with expectations as a rate hiking prospect for this month's meeting. 

• NZD/USD remains stuck around 0.6440 on a steady NZ Unemployment Rate at 3.2%