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Analysts at ANZ point out that for NZ rates, ranges have remained incredibly tight over the past week despite the sell-off seen globally, with the focus very much on domestic data and whether or not it is going to justify the market pushing more aggressively for RBNZ rate cuts.

Key Quotes

“We suspect the market will quickly look through any strength in the Q2 GDP figures, but likely latch onto weakness. However, the market will likely need to see at least some evidence of weakening in the upcoming more timely data flow (or see the RBNZ turn even more dovish at its upcoming OCR Review) or risk receivers getting a little impatient. But we doubt short-end yields would need to drift too much higher before fresh receivers emerged.”

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