The Reserve Bank of New Zealand will announce its decision at 2pm NZ time on Wednesday 10 July, which is
- 0200 GMT on the 10th and 2200 EST on the 9th.
Brief comments via Westpac on what to expect:
- We do not expect any change to the policy rate – which will remain at 5.5% – or the guidance that “…monetary policy should remain restrictive to ensure that inflation returns to target within a reasonable time frame.”
- The overall tone of the RBNZ’s statements is likely to be similar to that seen in May, when the bank pushed back the timing of its first policy easing to August next year.
- The Reserve Bank of New Zealand will stress the upside risks to inflation from a less contractionary than expected 2024 budget. But they will balance that with some dovish messaging about potential downside risks to growth as the economy continues to stall and the labour market slows.
This article was written by Eamonn Sheridan on www.forexlive.com.