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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.
STIR
This week’s domestic calendar highlight is the RBNZ Policy Decision on Wednesday. Consensus is unanimous in expecting the OCR to be left unchanged at 5.50%.
- (Bloomberg) Shadow Board members recommended the Reserve Bank keep the Official Cash Rate at 5.5% this week. Members “agreed that inflation was easing, but there was uncertainty over whether the pace of this easing would be enough to bring annual CPI inflation back within the inflation target band over the coming year”: NZIER
- According to RBNZ dated OIS pricing, there is only a 4% probability assigned to a 25bp rate hike this week. However, what stands out more prominently is the indication that a cumulative easing of 62bps is still priced in by year-end.
Figure 1: RBNZ Dated OIS Pricing (%)
Source: MNI – Market News / Bloomberg
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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