Kuroda, Yellen ... pfft.
Its time to wheel out the big cheese. RBNZ announcement due at 2100GMT.
As Adam says, little chance of a rate move
I posted a few previews this week, none of them expecting a move, but 2 of the 3 banks have a rate cut pencilled in for November:
- RBNZ meet this week - seen on hold (BNZ)
- Another NZ bank view on the RBNZ meeting this week - on hold (Westpac)
- Goldman Sachs says NZ economy too strong to justify further rate
Also, there is a 'shadow board' tipping on hold also.
If there is scope for a surprise in the announcement its in the words the Reserve Bank of New Zealand uses. They are expected to retain an easing bias, if they don't that'll be the surprise. Its not that hard to imagine the bank moving more neutral, economic growth indictors have accelerated in the past month or so. Any back pedalling from an easing bias should provide further support for the NZD, aka 'the BEAST'
