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New Zealand’s net migration firmed in Aug at +5010 after sub-5000 for the prior two months and the jump is due to migrants from the UK after a few negative flows, explains the research team at TD Securities.

Key Quotes

“China net migration is slowing and the (re)exodus to Australia is still a trickle. Ahead of next week’s RBNZ OCR Review, the latest Reuters poll has median OCR at 1.75% through to end-2019 (2020 not surveyed). Only 6/17 institutions look for an end-2019 hike, two domestic.”