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RBNZ policy decision today – “market looks positioned for a more dovish message”

The Reserve Bank of New Zealand statement is due at 2pm New Zealand time today, Wednesday, 10 July 2024.

which is is 0200 GMT on the 10thand 2200 US Eastern time on the 9th

Earlier previews are here, no change to the cash rate is expected:

New Zealand – RBNZ shadow board recommends the Reserve Bank keeps OCR at 5.5% on WednesdaRBNZ Monetary Policy Review due Wednesday – “not expecting a whole lot”Reserve Bank of New Zealand policy meeting this week – preview (on hold widely expected)Reserve Bank of New Zealand policy meeting – rates to be left on hold

Snippet from what BNZ is expecting:

market looks
positioned for a more dovish message than provided in
Mayno rate
change is expected today some 8bps of easing is pricing
into the August meetingFair to say that some in the
market will be expecting to hear more dovish commentary
from the BankThere will be keen interest in how much the Bank
acknowledges the poor state of the economy … and
whether this leads the Bank to back away from its threat in
May to raise interest rates further. We still find it
remarkable that the MPC actually discussed the possibility
of increasing the OCR back in May! Statement … unlikely to read as dovish as the market wants
(it) to read, with the overall message likely to remain
one of monetary constraint being required to drive
inflation back down to target.


It’s a ‘lite’ one from the RBNZ today:

This article was written by Eamonn Sheridan at www.forexlive.com.

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