Market pricing is for an Reserve Bank of New Zealand rate cut at its next meeting too

Market pricing is for a 29bp cut at the next RBNZ meeting, on October 9

• and 67bp of cuts by November (meeting is Nov. 6)

That is, a 25 bp rate cut is priced for the each of the next two meetings.

NZD/USD update:

Earlier:

• ICYMI - RBNZ cut its cash rate by 25bp, market consensus was for on hold
• NZD/USD marked lower after the Reserve Bank of New Zealand cut its cash rate
• Reserve Bank of New Zealand announce cash rate cut to 5.25%