ANZ on the RBNZ - see a rate cut in August

ANZ forecast rate cuts from the Reserve Bank of New Zealand in August

• and November

This following the strongly stated easing bias from the Bank in their their decision today.

Says ANZ:

• The RBNZ held the OCR at 1.50% as universally expected but employed a considerably more dovish tone around the outlook in its Policy Assessment and Summary of Meeting. Risks around their most recent projections have moved from "balanced" to "tilted to the downside".

ICYMi:

• NZD traders - RBNZ announce no change to cash rate - on hold
• Minutes of the RBNZ meeting reiterate that a lower OCR may be needed over time
• Responses to the RBNZ coming in - "a stronger easing bias than it gave in May"