RBNZ: Not as dovish as expected – ANZ

FXStreet (Bali) – According to ANZ Research Team, while the RBNZ Statement contained a clear easing bias, it was perhaps not as dovish as some had expected.

Key Quotes

“As expected, the Reserve Bank of New Zealand (RBNZ) cut the OCR by 25bps to 3% this morning. While the Statement contained a clear easing bias, it was perhaps not as dovish as some had expected.”

“We think the RBNZ will cut again in September, while the market will continue to assume a 2.5% low point for the OCR. On the currency, the RBNZ acknowledged the ‘significant’ decline in the NZD since April and see ‘further depreciation is necessary’.”

According to ANZ Research Team, while the RBNZ Statement contained a clear easing bias, it was perhaps not as dovish as some had expected.

(Market News Provided by FXstreet)