BNZ forecasts no rate cut from the Reserve Bank of New Zealand at the July meeting ...Middle East

It is looking increasingly likely the RBNZ will stand pat when it delivers its July 9 Monetary Policy Review. Our formal view is for a 25 basis point cut but we recognise that the odds of this are diminishing by the day. Be that as it may, we think changing our call before seeing Tuesday’s NZIER Quarterly Survey of Business Opinion would be ill-advised.

BNZ have now changed their call, forecasting an on hold from the RBNZ. Market pricing is around 75% for a hold.

This article was written by Eamonn Sheridan at www.forexlive.com.

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