### POV - CAUTIOUS APPROACH, LOOK TO DATA -....>

RBNZ: ### POV - CAUTIOUS APPROACH, LOOK TO DATA

- The RBNZ is widely expected to leave the OCR unchanged at 1.50%, with focus on

the accompanying statement for future guidance.

- The Bank is expected to reiterate its easing bias and to remain data dependent

going forward.

- Despite an uptick in Q1 headline GDP, indicators signalled further downside

risks to growth.

- The RBNZ are anticipated to highlight global uncertainty amid the backdrop of

a dovish shift in trend from major central banks.

- In addition, the RBNZ will publish a record of the meeting that includes the

economic outlook, risks/policy options, and different views among the committee.

- Central view: Consistent message, alluding to greater risk to global growth

and data dependent stance.

- Dovish risk: Highlight inflation consistently below the 2.0% mid-point, weak

housing data and lack of domestic pick-up.

- Hawkish risk: Play down recent Q1 GDP data, signal end to easing bias.