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The market continues to price further OCR cuts from the RBNZ during 2016, with some analysts predicting a cut at the next meeting in March. Inflation remains subdued and dairy prices have failed to trend higher, however employment data for Q4 2015 was impressive and has reduced some of the bearish sentiment on the NZD.
At the January 28 meeting, the RBNZ left the OCR on hold at 2.5% as expected. As with many central bank statements during the start of 2016, the subject alluded to global financial uncertainty and weaker growth. The bank expects the domestic economy to pick ... (read more)