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of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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Free Access### POV: Wait-and-Watch Likely After a.........>
RBNZ: ### POV: Wait-and-Watch Likely After a Double-Barrel Cut
Markets were caught off guard when the RBNZ decided to lower the OCR by 50bps
last month. While global and local risks remain skewed to the downside, the
deeper than standard cut will likely allow for a wait and see stance, for now.
Q2 GDP data was in line with the RBNZ forecasts, even as growth cooled to a
multi-year low. Nonetheless, a familiar array of downside risks point towards
the potential for the reintroduction of an easing bias. RBNZ Gov Orr seemed to
be signalling staying on hold when he spoke with BBG in Jackson Hole, stating
that the MPC will "assess the situation in Nov." Tread with caution though,
Orr's well-known communication problems obfuscate the implications of his words.
- Base Case: The OCR left unchanged, accompanied by the insertion of a clear
easing bias, leaving the MPC room for further easing if needed.
- Dovish risk: The MPC delivers a 25bps cut to the OCR, reaffirming its
pre-emptive attitude.
- Hawkish risk: No change to the OCR and language, lack of clear easing bias.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.