RBNZ monetary policy decision is due at 0200GMT on Wednesday 24 June 2020.

The Official Cash Rate (OCR) is expected to remain on hold, as is the pace of asset purchases.

There may be tweaks to the economic outlook on Orr's remarks that will issued with the decision, and other pertinent comments, earlier previews here for more:

A coupe of snippets to add:

TD on scenarios for the NZD:

If the RBNZ is "Dovish", which TD give a 30% likelihood to:

  • RBNZ announces the LSAP has been upsized or indicates this is under consideration. Offshore covid cases are accelerating, this could hit global growth, in turn impacting NZ growth. The high NZD is a constraint on the RBNZ achieving its inflation objectives. Impact of NZ drought worse than initially expected. NZD/USD at 0.6545.
  • Neutral (65%): No major changes. Domestic outcomes have been better than expected but risks are still skewed to the downside. NZD/USD at 0.6475.
  • Hawkish (5%): Bank indicates 'Risks as evenly balanced'. The Bank removes any mention that the OCR will remain at 0.25% until early 2021 if the Bank is upbeat in other aspects of the statement. It's still too early for the RBNZ to turn hawkish as 2nd wave cases and virus hotspots garner more attention. NZD/USD at 0.6440.

ANZ

  • Reserve Bank has ruled out changing the OCR
  • and there's no need to adjust qualitative easing yet

Kiwibank

  • expects OCR on hold
  • "we're in a period of waiting and watching for a while. It's time to assess the damage - and the strength of the rebound"
  • "An overly optimistic RBNZ commentary would put enormous upward pressure on the currency, at a time of stress for many exporters"
  • Kiwibank expect the Reserve Bank to ramp up LSAPs in August (LSAPs are the QE program: large scale asset purchase
RBNZ monetary policy decision is due at 0200GMT on Wednesday 24 June 2020.