RBNZ preview from Nomura

Nomura's preview for this week's RBNZ's policy meeting - monetary policy decision due 2000GMT on 11 March 2015

This is via eFX:

• The Reserve Bank of New Zealand (RBNZ) holds its next policy meeting on 12 March and we expect it to keep its policy rate unchanged.
• We also believe the RBNZ will reiterate the neutral stance of its 29 January policy meeting, saying "future interest rate adjustments, either up or down, will depend on the emerging flow of economic data", confirming that it does not see a need to change its policy rate for some time.
• We believe that the RBNZ will continue to say that, "while the New Zealand dollar has eased recently, we believe the exchange rate remains unjustified in terms of current economic conditions, particularly export prices, and unsustainable in terms of New Zealand's long-term economic fundamentals. We expect to see a further significant depreciation."
• Our view remains that the RBNZ will keep rates unchanged until 2016.