VIEW: Barclays write "following the dovish.....>

RBNZ: VIEW: Barclays write "following the dovish twist from the RBNZ, risks of

an easing cycle have materially increased, in our view. However, starting from 1

April, rate decisions will be taken by a seven-member monetary policy committee

(MPC) and we think that the MPC will tend to be more risk averse as they start.

The new MPC will consist of four RBNZ members including the Governor, three

external members and a Treasury observer that will be the Secretary to the

Treasury, Gabriel Makhlouf. More information on the new MPC is likely to be

provided by RBNZ Governor Adrian Orr on Friday (9am NZT) when he talks about the

future of New Zealand's monetary policy framework. A cut in May MPS is unlikely

but we think that risks of a cut at the August meeting, which will also be the

first MPS after the Q1 19 GDP print, are emerging, as by then the MPC will

likely have sufficient data on both the global and domestic fronts."