Comments from TD Securities rates strategist Annette Beacher:
(her earlier comments are here, and bold comments that are too …)
Q Where have we heard “period of stability” before?
A: The RBA in December. They cut earlier this week without shifting to an easing bias first.
- “This morning’s RBNZ speech may have been neutral but they could be the next central bank to cut”
- “The NZD at 74 US cents is looking very toppy. It is buoyed today via a decent dairy auction and the RBNZ “period of stability”, but the next move is down for the OCR, and so for the NZD”
NZD today so far:
