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Inflation Expectations In Focus Ahead Of RBNZ Monetary Policy Meeting

NZD

NZD/USD edged higher Wednesday as the greenback slipped alongside U.S. Tsy yields, while PM Ardern announced that the temporary border around Auckland will be lifted on Dec 15.

  • The RBNZ are set to publish their Q4 Survey of Expectations within a few hours. The main focus will fall on inflation expectations, one of the final notable data signals ahead of the RBNZ's monetary policy decision due next Wednesday.
  • The OIS strip prices ~35bp worth of OCR hikes next week. Note that the RBNZ typically move their benchmark policy rate in 25bp increments.
  • The rate last sits at $0.7000, little changed on the day. Topside focus falls on Nov 15 high of $0.7081 and a break here would clear the way to the 200-DMA, which intersects at $0.7093. On the flip side, bears set their sights on Oct 6 low of $0.6877.
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