Economic data for the week ahead is expected to remain slightly quiet with the markets focusing on the final revised GDP numbers across the U.S. and the UK. Canada will also be reporting on its monthly GDP numbers this week.

Among central bank meetings, the Reserve Bank of New Zealand is expected to hold its monetary policy meeting this week although no changes are expected to interest rates.

RBNZ expected to leave interest rates unchanged

The Reserve Bank of New Zealand will be holding its monetary policy meeting this week on Wednesday.

According to the economists polled, the RBNZ is expected to keep its overnight cash rate (OCR) unchanged at 1.75%.

The overnight swap markets are also indicating no change to interest rates from the RBNZ this week.

The RBNZ has kept its OCR steady at 1.75% for ten consecutive months.

This came after the first rate cut that was delivered in November 2016.

The lower environment of interest rates is expected to support the New Zealand economy while also guiding the price stability.

Consumer prices in New Zealand have remained subdued for a while.

The RBNZ’s meeting comes just a week after the quarterly GDP numbers were released.

According to Statistics New Zealand, the economy was seen advancing at a pace of 0.5% in the first three months of the year.

This was a slightly slower pace in GDP growth compared to the previous quarter where GDP advanced 0.6%.

On a year over year basis, New Zealand’s GDP increased at a pace of 2.7%.