The Reserve Bank of New Zealand is expected to leave its cash rate on hold at its meeting today:
Poll: Analysts expect the Reserve Bank of New Zealand to hold rates at 3.25% on July 9BNZ forecasts no rate cut from the Reserve Bank of New Zealand at the July meetingNewsquawk Week Ahead: Week Ahead: Trade deadlines, FOMC Minutes, RBA, RBNZ, Canada jobsReserve Bank of New Zealand Shadow Board advises RBNZ to hold rates steady this weekI suspect that'll be the outcome, yes.
Now, I should add, the Reserve Bank of Australia were expected to cut their cash rate target at their meeting yesterday. They did not:
Forexlive European FX news wrap: RBA delays rate cutMarket pricing for the cut was upwards of 90% and almost all analysts had joined in expecting the cut. I expected a cut. Wrong.
The reason I bring this up is that leading up to the meeting I posted a couple of times on analysts who were not forecasting a cut, but, correctly as it turned out, a hold. Kudos to Bank of America and @Aligarciaherrer. I also want to mention that I got a little blowback for posting the contrary views. Not a lot, just some comments about why bother when it was a done deal (pretty sure I even used that expression myself!). I think its worth keeping in mind that we live in an uncertain market, and remaining open to well-reasoned arguments that may challenge your own view can be helpful when making decisions in financial markets. Both BoA and @Aligarciaherrer made well-reasoned arguments, which was why I passed them along. If only I'd listened!
This snapshot from the ForexLive economic data calendar, access it here.The times in the left-most column are GMT.The numbers in the right-most column are the 'prior' (previous month/quarter as the case may be) result. The number in the column next to that, where there is a number, is the consensus median expected. This article was written by Eamonn Sheridan at www.forexlive.com. Read More Details
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