The Reserve Bank of New Zealand meet on Thursday morning (NZ time):
- No change to the official cash rate target is expected
- OIS pricing is implying only a 4% probability of a rate hike
- Given no change is expected, attention will turn quickly to the Monetary Policy Statement (MPS)
- In it, the Reserve Bank of New Zealand is likely to once again repeat that the official cash rate target is expected to be raised in 2014 (April seems to be the most likely date for the first hike)
- They are also likely to say the NZD is higher than they like it, and than is currently justified (D’uh … i.e. the jawboning attempts will continue), and that the economy is strong
After the announcement is made (20:00 GMT, 3 pm ET) and the policy statement published:
- Graeme Wheeler (governor of the RBNZ) will hold a press conference (at 20:05GMT).
- Following this, at 00:10GMT, Wheeler will appear before parliament (Select committee) to answer questions
