The consensus was for the Reserve Bank of New Zealand to hike its cash rate target by 50bp but with RBNZ Governor Orr last week flagging:
- “We still have some work to do but the good news is because we’ve done so much already the tightening cycle is very mature, it’s well advanced”
and the Reserve Bank of Australia hiking yesterday by 25bp as opposed to the 50bp that was widely expected:
some of the +50bp calls have been dialled back to +25bp for today’s hike. I’ll have more to come on this separately
The RBNZ decision is due at 0100 GMT:
snapshot from the ForexLive economic data calendar, access
times in the left-most column are GMT.
numbers in the right-most column are the ‘prior’ (previous
month/quarter as the case may be) result. The number in the column
next to that, where is a number, is the consensus median expected.