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There has been no large market reaction to.....>

KIWI: There has been no large market reaction to early comments from RBNZ Gov.
Orr who stressed that the NZ "economic outlook is not that bad," citing terms of
trade, a supportive NZD & low interest rates. As a reminder the RBNZ has struck
a more balanced tone since Orr took the helm, opening up downside risk to the
OCR. Markets are pricing ~12bp of easing by the end of August 2019, a near 50/50
chance of a cut, as a result of the rhetoric employed under Orr.
- On the political front NZ's minister for broadcasting, Clare Curran, resigned
today, after questions surrounding the use of her personal email.
- NZD/USD last trades at $~0.6575, with support noted at the YtD low ($0.6530).
- Q2 manufacturing activity data provides the highlight of the NZ docket over
the next week.
MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |

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