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RBNZ likely to bring the rate back to the low of 2.5% - RBS

FXStreet (Delhi) – Research Team at RBS, suggests that easing will likely be taken by RBNZ this week, bringing the rate back to the post-2011 Christchurch earthquake low of 2.5%.

Key Quotes

“The RBNZ held its key rate steady in October after cutting the OCR by 25bp in their previous three meetings. But the statement made it clear that “some further reduction in the OCR seems likely.”

In its October policy statement, the RBNZ noted that "global dairy prices have risen in recent weeks, contributing to improved household and business sentiment. However, it is too early to say whether these recent improvements will be sustained." But since that meeting, dairy prices have resumed their decline. The RBNZ may adjust its language on the currency given the change in its terms of trade.”

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