Westpac comments on the Reserve Bank of New Zealand Governor Wheeler’s comments today:
- Poured cold water on financial market speculation that the RBNZ might be considering OCR cuts
- Speech was consistent with their interpretation following OCR review that the RBNZ is now firmly on hold
- Still they raised the odds of OCR cut this year to around 25% now (it was at 20% post-OCR review) while the odds of a hike are barely different to nil
via MNI
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The NZD benefiting on the session:
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And more, this time from BNZ:
- Says speech “was a reasonably balanced missive, which went a long way to tidying up the loose ends from his OCR commentary last week, which the markets were quick to swallow as rate-cut material.”
- BNZ says its central case of a steady OCR for the rest of the year but also notes “anything is possible – down or up”
