Westpac on the RBNZ statement today – “less hawkish” than May statement

July 10, 2024 6:08 am

WPAC response to the RBNZ, in brief:

  • Dovish RBNZ surprise for markets
  • against expectations that the brief statement would repeat the key messages from May, it was less hawkish.
  • Guidance, via the final paragraph in the statement, was: “The Committee agreed that monetary policy will need to remain restrictive. The extent of this restraint will be tempered over time consistent with the expected decline in inflation pressures.” This is less hawkish than May.

WPAC are looking for the market response so far, such as the lower NZD, to

  • probably extend during the day ahead as offshore market participants react to the update.


Also from New Zealand, BNZ have shifted their forecast to a November RBNZ rate cut, from February prior to the statement today.

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