DB had forecast a rate hike from the Reserve Bank of New Zealand in H2 of 2019
- Have now revised to expecting a hike in Q2 of 2020 instead
Citing
- the employment report earlier today, it'll have an impact on the RBNZ
- softer global backdrop
Gives RBNZ little scope to hike this year
Further:
- expect RBNZ likely to push its implied OCR hike projection into 2021
- does not see RBNZ to cut rates due to core inflation move higher
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And, a heads up for NZD traders, the RBNZ meet next week:
- February 13 (NZ time)
- OCR announcement
- Monetary Policy Statement
- and media conference