Data from New Zealand earlier today was not encouraging - NZ in a recession:
- New Zealand Q3 GDP -1.0% q/q (vs. -0.4% expected)
- New Zealand dollar falls even further after GDP plunges
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Westpac forecasts the Reserve Bank of New Zealand to cut cash rate to 3.25% by May 2025
- The RBNZ cash rate target is currently 4.25%
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