Today's data docket features 2-Year.....>

NEW ZEALAND: Today's data docket features 2-Year Inflation Expectation out of

New Zealand. The RBNZ, set to deliver its monetary policy tomorrow, already has

the data. In their RBNZ preview, Westpac write the following about the release:

- "Inflation expectations data is released on November 12, and could be very

influential. We will revisit our forecast at that time."

- "The big remaining uncertainty is next week's inflation expectations report,

released on Tuesday. In the August MPS, the Reserve Bank revealed that the drop

in two-year ahead inflation expectations from 2.01% to 1.86% was a big part of

the decision to cut the OCR 50 basis points. The next instalment of the survey

will be critical."

- "The RBNZ knows the result already, whereas we learn about it only the day

before the MPS is released. We are expecting expectations to rebound a bit. If

that is correct, then an on hold OCR decision will look more likely. If,

however, expectations remain low or fall further, then we would seriously

consider switching our call to a cut."