What does the RBNZ move today mean for the RBA? 'Pressure on'

The Reserve Bank of Australia meet next Tuesday, April 2 (statement due at 0330GMT)

RBC with very quick, but to the point comments....

But first, a recap of RBNZ developments in case you have missed them:

• RBNZ on hold, as expected
• NZD (and AUD) marked down on RBNZ dovish statement

Rate cut expectations rise:

• ANZ in New Zealand tips an RBNZ rate cut in November 2019 but say the risk is earlier
• Responses to the RBNZ policy guidance shift to dovish
• Responses to the RBNZ continue
• Responses to the RBNZ continue - another bank looking for a 2019 rate cut

OK, back to RBC (comments come via Reuters):

• continued dovish shift by G7 central banks
• ongoing support by the Chinese authoritie
• today's move by the RBNZ

will keep pressure on the RBA to also move in the same direction, however reluctantly

• It is, essentially, a global policy cycle

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Worth noting that the RBA has, in fact, recently shifted its bias from neutral to easing. The RBNZ have caught up with the RBA today … not the other way around …