New Zealand retail sales data for Q3 is the highlight. Retail spending in NZ has been pressured by high rates and a weak economy, and this is expected to show in the data again today, despite the RBNZ kicking off its easing cycle in August:
- The RBNZ reduced the Official Cash Rate (OCR) by 25 basis points, bringing it down to 5.25%. This marked the first rate cut since March 2020, signaling a shift from the previous tightening stance.
with another cut in October:
- In response to a weakening economy and subdued inflation, the RBNZ implemented a more substantial cut of 50 basis points, lowering the OCR to 4.75%. This decision aimed to provide additional stimulus to the economy.
Another cut, likely 50bp but 75bp can't be ruled out, is locked in this week. The RBNZ decision is due on the 27th.
This snapshot from the ForexLive economic data calendar, access it here.
The times in the left-most column are GMT.
The numbers in the right-most column are the 'prior' (previous month/quarter as the case may be) result. The number in the column next to that, where there is a number, is the consensus median expected.
