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STIR
Today RBNZ dated OIS pricing is 1-6bp softer across meetings beyond July ahead of the RBNZ policy decision meeting tomorrow. See the MNI RBNZ Preview here.
- Bloomberg’s consensus is unanimous in expecting a no-change outcome after the RBNZ steered the market in its May Monetary Policy Statement that it expected that no further increases in the OCR would be required and that now is the time to “watch, worry and wait”.
- A 12% chance of a 25bp hike is priced for tomorrow’s policy meeting.
- However, it is important to note that terminal OCR expectations have shifted 10bp firmer since last week and currently sit at 5.75%.
Figure 1: RBNZ Dated OIS: Today Vs. Yesterday
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.
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