After more than a month of negotiations over ministerial roles and policies, New Zealand's National Party has achieved an agreement with ACT New Zealand and New Zealand First to form the country's next three-party coalition government, per Reuters. 

The coalition announced a series of policy reforms, including the role of the Reserve Bank of New Zealand (RBNZ). The government will amend the Reserve Bank of New Zealand Act 2021 to remove the dual mandate on inflation and employment and concentrate only on price stability.

Market reaction

At the press time, the NZD/USD pair is up 0.05% on the day to trade at 0.6051.