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NZD: Another surprise rate cut coming from RBNZ? – Rabobank

FXStreet (Delhi) – Jane Foley, Research Analyst at Rabobank, suggests that steady interest rates are expected from the RBNZ on October 28 but the central bank has not closed the door to further policy moves and economists’ surveys for monetary authority is indicating a minority still anticipate another rate cut this week.

Key Quotes

“On October 13, RBNZ Governor Wheeler commented that “some further easing in the OCR seems likely, but this will continue to depend on the emerging flow of economic data”. He went on to express concerns about the effect of low interest rates on housing demand which has been particularly strong in Auckland.”

“On the back of buoyant releases from both the manufacturing and services sectors and an upturn in global dairy prices the market is now expecting the RBNZ policy to pause this week. Confirmation of steady policy is likely to lend a little further near-term support to the NZD.”

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