Westpac analysts delivered their early thoughts on the upcoming Reserve Bank of New Zealand (RBNZ) Overnight Cash Rate (OCR) call due next week. Key quotes We expect the RBNZ to repeat its main message that the OCR is expected to remain on hold for a long while, but the timing and direction of the next move will depend on how the economy evolves. Markets are fixated on whether the RBNZ will repeat the words “up or down” used in its last policy guidance paragraph. That is a red herring. The RBNZ may well choose different words to express its on hold stance, and might even choose words other than “up or down.” This would not necessarily constitute a signal that the OCR outlook has changed. The RBNZ is keen to avoid formulaic communications, and might chop and change its wording even if its intentions have not changed. Markets will need to assess the actual meaning of the RBNZ’s press release, rather than mechanically reacting to changes in wording. Beneath the policy guidance paragraph, the details of the press release might be slightly more hawkish than the May statement. FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next Gold Technical Analysis: corrective rally gathering steam FX Street 3 years Westpac analysts delivered their early thoughts on the upcoming Reserve Bank of New Zealand (RBNZ) Overnight Cash Rate (OCR) call due next week. Key quotes We expect the RBNZ to repeat its main message that the OCR is expected to remain on hold for a long while, but the timing and direction of the next move will depend on how the economy evolves. Markets are fixated on whether the RBNZ will repeat the words "up or down" used in its last policy guidance paragraph. That is a red herring. The RBNZ may well choose different words to express its on… Top Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
