NZD traders heads up - RBNZ meet this week - most analysts expect a rate cut
Reuters polling has 12 out 15 expected a cash rate cut from the Reserve Bank of New Zealand this week.
RBNZ meet Wednesday 13 November. I posted this a little earlier:
ASB expect a cut, citing:
- short-term growth outlook is subpar
- risks are skewed to the downside
- RBNZ need to take out more insurance to prevent a more protracted undershoot of its employment and inflation objectives
ANZ also expect a cut and:
- the door to be left ajar to an even lower OCR
- inflation expectations low and at risk of falling further, a rate cut is the path of least regret
WPAC is tipping an on hold decision though, citing:
- labour market is in better fettle than one would expect
- WPAC add that its a close call.
RBNZ cut rates by 50bps back in August