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Sep 21 - 10:55 AM

NZD: Not Expecting Major Changes From This Week's RBNZ - Credit Agricole

By eFXdata  —  Sep 21 - 09:45 AM

Credit Agricole CIB Research discusses its expectations for this week's RBNZ policy meeting. 

"The short period between next week’s RBNZ meeting and its previous meeting means that there is little data to update the central bank on the economy, which suggests it should not change its view significantly," CACIB notes. 

"The main concern for the RBNZ remains that NZ’s border remains closed, however, which is hurting NZ’s large tourism industry. We do not think this is enough for the RBNZ to cut rates towards zero or into negative territory next week or increase its asset purchases, especially following its large increase in asset purchases at its last meeting. The NZD’s rally has also reflected improving local data and is not out of line with the RBNZ’s forecasts. And in any case, RBNZ Governor, Adrian Orr, has expressed less concern about the currency of late. The RBNZ will continue to talk up the possibility of negative rates and may provide more specifics about how they would be implemented in NZ if needed," CACIB adds. 

Source:
Crédit Agricole Research/Market Commentary

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