The Reserve Bank of New Zealand monetary policy announcement is due at 0200GMT on Wednesday.
A three prong affair, with:
- OCR announcement
- Monetary Policy Statement
- followed by the media conference
Previews:
- RBNZ on Wednesday - what to expect
- NZD traders - RBNZ preview (Reserve Bank of New Zealand monetary policy meeting
- One for the NZD traders - RBNZ preview
- NZD traders - RBNZ meet this week - Shadow Board recommends on hold
Adding this via TD:
- In our view the data hasn't been supportive of a cut. The surprise shift to an easing bias on 27 March was about risks, not a string of data disappointments. The new MPC may choose to pause and officially sanction Orr's easing bias. Overall we recommend a light position into the 8 May meeting.
- The duel between the RBA and RBNZ will intensify as the RBA Board meets the day before, where the market (barely) looks for a cut, as does TD. While Governor Orr already switched to an explicit easing bias in late March, the data flow has not been sufficiently one-way to easily pave the way for a cut.
