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Economist at UOB Group Lee Sue Ann believes the RBNZ will keep the policy rate unchanged at 1.0% at its February meeting.

Key Quotes

“The latest 4Q19 inflation numbers would add some cheer to the RBNZ. At 1.9%, inflation is very near the midpoint of the 1%-3% target band. The RBNZ had forecast a quarterly increase of 0.2% in its November monetary policy statement, which would have taken the annual rate to 1.6%. We expect the upside surprise will allow the RBNZ to sit tight when it releases its next monetary policy statement on 12 February.”