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RBNZ dated OIS has slightly pared Friday’s significant firming, prompted by ANZ Bank's announcement that they expected the RBNZ to raise the official cash rate (OCR) by a cumulative 50bps (this month and in April), bringing the OCR to 6.0%.
- (DJ) The RBNZ warned in November that "If inflation pressures were to be stronger than anticipated, the OCR would likely need to increase further." Data since then has been a series of small but pretty consistent surprises in that direction, Zollner said. (See link ICYMI)
- A cumulative 61bps of easing is priced by year-end versus 69bps on Thursday. However, this is measured from a terminal OCR of 5.75% versus 5.58% on Thursday.
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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