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When to expect the next Interest Rate Hike by the Reserve Bank of New Zealand?
RBNZ Monetary Policy meeting.
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The Reserve Bank of New Zealand will be meeting this week on Wednesday for its first monetary policy meeting of the year.
No changes are expected as the RBNZ is expected to keep the overnight cash rate (OCR) unchanged at 1.75%.
The RBNZ has previously cut interest rates in September 2016. The OCR has remained steady ever since.
The recent inflation data released few weeks ago showed continued softness in consumer prices.
According to the data, New Zealand’s inflation slowed to an annual pace of 1.6% in the quarter ending December 2017.
This was weaker than the forecasts that pointed to a 0.4% increase and missed the RBNZ’s forecasts of 0.3%.
The weakness in the inflation is expected to see the RBNZ take a dovish stand. Ahead of the RBNZ’s meeting, the quarterly unemployment data will be released.
However, it is unlikely that even a strong beat on the estimates will change the RBNZ’s view.
Interest rate hike expectation from New Zealand’s central bank is expected only during the first quarter of 2019.