While central banks all over the place have beat a retreat with tails between their legs;
- ECB
- FOMC just these past few hours going all wimpy on us
- RBA switching from hawkish to neutral
- BOJ … Well, like they are ever going to be anything but dovey to the max
Through all this the RBNZ have remained relatively upbeat. I won't say Governor Orr has been jovial about it but he has been more steadfast than his CB Gov bros (they all seem to bros now, right?).
While NZ GDP was a miss on the y/y yhe q/q was in line with estimates.
Orr will not be unhappy and this makes the possibility of an RBNZ rate cut just that little bit further away. usual caveats apply about GDP data …. this is from 3 months ago!
NZD settling a little around its overnight high, as I posted in my previous … be wary there is a lot or work to do around here:
