Overnight index swaps now see 71% chance of RBNZ rate cut in August – Bloomberg

The overnight index swaps are now pricing a 71 percent chance of Reserve Bank of New Zealand (RBNZ) cutting rates in August, according to Bloomberg,  

The rate cut probability has jumped sharply from 35 percent seen yesterday, courtesy of the RBNZ’s dovish shift on interest rates. The central bank kept rates unchanged earlier today, as expected, but surprised markets by stating that the next move could be a rate cut.