The Reserve Bank of New Zealand Monetary Policy Statement is due at 0200 GMT on Wednesday 26 May 2021

  • RBNZ Governor Orr will conduct his press conference following on at 0300 GMT.

Earlier previews:

Comments via ASB:

  • we expect all the key policy levers maintained - with the OCR on hold, Large Scale Asset Purchase parameters left untouched and Funding for Lending Programme unchanged.
  • substantial upward revisions in many of the Bank's February forecasts will be on the cards
  • we suspect its commentary will maintain the dovish line
  • As with previous post-COVID statements, the emphasise will be on the RBNZ's willingness to keep support up for as long as is necessary
  • We continue to expect the OCR to remain on hold until the latter half of 2022

And:

  • We expect the RBNZ to acknowledge the improved clip of recent data
  • carry on with its cautious 'wait and see' mantra
  • Several downside risks remain, a sustained uptick in inflation far from guaranteed and there is currently a big question mark over the housing outlook
The Reserve Bank of New Zealand Monetary Policy Statement is due at 0200 GMT on Wednesday 26 May 2021