It was another very active day from New Zealand yesterday with a surprise RBNZ decision:
- RBNZ policy announcement - says level of stimulus to be reduced
- RBNZ policy decision minutes: 'least regrets' decision is reducing some support sooner
- NZD/USD higher after the RBNZ tilts more hawkish than was expected
Rate hike expectations shifted forward in response:
- New Zealand bank ASB now forecasting an August RBNZ cash rate hike
- ANZ shift its forecast for the RBNZ to an August rate hike
- BNZ forecast an August cash rate hike from the RBNZ
Coming up from New Zealand are two key data points, inflation and employment.
The inflation report is due tomorrow, NZ time is Friday 16 July 2021
- in GMT time its due at 2245 on the 15 July 2021
- expected 2.8% y/y, prior 1.5%
- expected 0.8%, prior 0.8%
- I'll have more to come on this separately
And the employment report:
- due on August 4
- I'll have more to come on this as we get closer to that date
The meetings ahead for the Reserve Bank of New Zealand:
