This Reserve Bank of New Zealand monetary policy meeting preview is via Morgan Stanley.

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  • We expect the RBNZ's May MPS to have a similar outcome to that seen in February: that the RBNZ will sound dovish, but continued tapering and an upward revision to the unconstrained OCR is likely to signal to the market that normalization is to continue
  • We continue to see NZD strength on crosses, such as versus AUD and JPY, but we are neutral on NZD/USD overall...NZD/JPY looks attractive to us amid policy divergence and robust liquidity conditions

The RBNZ announcement and statement are due on Wednesday 26 May 2021 at 0200 GMT.

Earlier previews here:

Governor Orr press conference will follow the announcement:

This Reserve Bank of New Zealand monetary policy meeting preview is via Morgan Stanley.