RBNZ Preview: Forecasts from five major banks, very low probability of a hike RBNZ InterestRate NZDUSD Macroeconomics Banks
on Wednesday, July 12 at 02:00 GMT and as we get closer to the release time, here are the expectations as forecast by the economists and researchers of five major banks.
The RBNZ is expected to keep the key Official Cash Rate steady at 5.50%, marking the end of a 20-month hike cycle. We expect the RBNZ to keep the OCR unchanged at 5.5%. Anything else would be a massive surprise. Local data since the May MPS has been mixed, but overall supports the RBNZ’s wait-and-see stance. We continue to see the balance of risks tilted towards the RBNZ eventually having to do more, but it’s not today’s story.We expect the RBNZ to keep the cash rate unchanged at 5.
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