RBNZ decision will be at 0200 GMT

RBNZ decision will be at 0200 GMT

About two hours ago, New Zealand revealed that there are now 5 active covid cases in the country. The good news is that all 5 are related to the original case. All are the delta variant.

The country has gone into a three-day lockdown and Auckland is in a seven-day lockdown.

The odds of a hike have fallen dramatically today, down to 56% from a sure thing. Prior to the case yesterday, the odds of 50 bps were 20%.