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NEW ZEALAND: Another 50bp Rate Cut Expected On Wednesday

NEW ZEALAND
APACNew ZealandBulletMarketsFixed Income BulletsForeign Exchange Bullets

The RBNZ decision is announced on Wednesday and it is widely expected to cut rates 50bp again to 3.75%. Revised staff forecasts will also be published with the decision at 1200 AEDT/1400 NZDT and Governor Orr’s press conference taking place at 1300 AEDT/1500 NZDT.

  • All 22 analysts surveyed by Bloomberg are forecasting a 50bp rate cut and the RBNZ shadow board is recommending 50bp of easing.
  • Q4 input/output PPIs are also on Wednesday. They rose 1.9% q/q and 1.5% q/q in Q3 respectively.
  • On Tuesday, the RBNZ’s household inflation expectations survey is released for Q1. The series tend to run above the business survey, released last week at about 2%, and in Q4 most timeframes were around 3% on a median basis.
  • Trade data for January is on Friday. The deficit has been slowly improving and YTD it was NZ$7.67bn in December. In 2024, the US became NZ’s second most important export destination pushing Australia to third.
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The RBNZ decision is announced on Wednesday and it is widely expected to cut rates 50bp again to 3.75%. Revised staff forecasts will also be published with the decision at 1200 AEDT/1400 NZDT and Governor Orr’s press conference taking place at 1300 AEDT/1500 NZDT.

  • All 22 analysts surveyed by Bloomberg are forecasting a 50bp rate cut and the RBNZ shadow board is recommending 50bp of easing.
  • Q4 input/output PPIs are also on Wednesday. They rose 1.9% q/q and 1.5% q/q in Q3 respectively.
  • On Tuesday, the RBNZ’s household inflation expectations survey is released for Q1. The series tend to run above the business survey, released last week at about 2%, and in Q4 most timeframes were around 3% on a median basis.
  • Trade data for January is on Friday. The deficit has been slowly improving and YTD it was NZ$7.67bn in December. In 2024, the US became NZ’s second most important export destination pushing Australia to third.