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RBNZ policy decision today - "market looks positioned for a more dovish message"

Started by forex4you, Jul 10, 2024, 06:38 am

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RBNZ policy decision today - "market looks positioned for a more dovish message"

The Reserve Bank of New Zealand statement is due at 2pm New Zealand time today, Wednesday, 10 July 2024.

  • which is is 0200 GMT on the 10th
  • and 2200 US Eastern time on the 9th

Earlier previews are here, no change to the cash rate is expected:

Snippet from what BNZ is expecting:

  • market looks
    positioned for a more dovish message than provided in
    May
  • no rate
    change is expected today
  • some 8bps of easing is pricing
    into the August meeting
  • Fair to say that some in the
    market will be expecting to hear more dovish commentary
    from the Bank
  • There will be keen interest in how much the Bank
    acknowledges the poor state of the economy ... and
    whether this leads the Bank to back away from its threat in
    May to raise interest rates further. We still find it
    remarkable that the MPC actually discussed the possibility
    of increasing the OCR back in May!
  • Statement ...  unlikely to read as dovish as the market wants
    (it) to read, with the overall message likely to remain
    one of monetary constraint being required to drive
    inflation back down to target.

***

It's a 'lite' one from the RBNZ today:



                This article was written by Eamonn Sheridan at www.forexlive.com.

Source: RBNZ policy decision today - "market looks positioned for a more dovish message"

forexlive.com
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