The sharp fall in the New Zealand dollar yesterday, following months of easing, will result in winners and losers.
Exporters to the United States in particular benefit from the kiwi's fall. It hit a high of US88c against the greenback last July but has fallen steadily since and immediately after the OCR announcement yesterday fell by more than 1c.
The dollar was trading at US70.19c at 5pm yesterday.
Craigs Investment Partners' head of private wealth research, Mark Lister, said it had also fallen substantially against the British pound, and against the Aussie dollar since almost reaching parity at Easter.
"Anyone who is an exporter is benefiting at the moment regardless of where you're exporting to. Anyone who is exporting to the US is in the best position because the States is strong from the economic sense and you've got the currency going your way."
Companies such as Fisher & Paykel Healthcare with big exposure to the US were benefiting in particular.
While the cost of imports would go up, some retailers would benefit.
"One of the big themes has been the impact of online shopping and that makes a lot of sense when the New Zealand dollar is 88c against the US and 72 against the euro," Lister said.
But importers of raw materials would be hurt and the prospect of higher petrol prices was the most obvious negative for consumers.
Overseas travel will be more expensive and while agents say the falling dollar does not necessarily stop people taking trips overseas, it may mean they spend a shorter time there, choose cheaper accommodation or eat out at less expensive places.
The Cruise Line Industry Association yesterday released figures which show New Zealand has retained its place as one of the world's fastest-growing cruise markets, with numbers up more than 10 per cent to 65,600 last year compared with 2013.
Association general manager for Australasia Brett Jardine said it was "possible" the falling dollar would reduce demand as cruises, many of which are priced in US dollars, became expensive.
However, European river cruising was priced in euros against which the dollar remained relatively strong.
The lower kiwi makes this country more attractive to tourists.
Tourism Industry Association chief executive Chris Roberts said a sustained fall in the dollar was great news for the sector and provided a second wind after strong growth in the past 18 months.
The fall against the Australian dollar was welcome, especially just ahead of the ski season.
"It does take some pressure off - being around A90c is a lot better than close to parity," Roberts said.
Tourism New Zealand, the government-funded marketing organisation, is about to launch a campaign in key markets overseas. Roberts said that with New Zealand less expensive now, the timing was ideal.