Analysts at ANZ Bank New Zealand Limited noted that today’s New Zealand jobs data were undeniably strong and give the RBNZ more breathing room to see how developments unfold.
Key Quotes:
“The tone of the RBNZ’s press release may reflect this strength tomorrow, although the RBNZ may also be wary of noise in the data.”
“On balance, today’s data are a more consistent with a stick-to-the-script tone than a more dovish outcome, although the projections themselves will already be finalised and the RBNZ will, as always, emphasise the medium-term outlook and risks.”
“We remain comfortable with our call that the OCR will remain on hold, but today’s data reaffirms that there are risks on both sides of the ledger.”
“Waiting and watching developments remains a prudent approach.”
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