There are a few background catalysts to be aware if including:
- RBNZ balance sheet set to grow faster compared with the RBA's
- The RBNZ has flagged negative rates as possible while the RBA is has continued to stress that the same in Australia is very unlikely
- iron ore prices still strong, a + for Australian export income
If there is an immediate catalyst for the move so far this morning in the new week I can only suspect its the political news out of NZ. I can't see this as too much of a factor but can't pinpoint much else specific.
