RBNZ: Market pricing for a November OCR cut currently stands at 82% - Westpac

Sandeep Kanihama FXStreet Contributor

Imre Speizer, Research Analyst at Westpac, notes that the market pricing for a November OCR cut has been fairly stable over the past week, currently at 82%.

Key Quotes

“Q3 CPI data was unsurprising to RBNZ forecasts, although it did surprise a number of analysts who expected something lower.

Markets have consistently priced in a greater than 50% chance of a November cut since Assistant Governor McDermott’s speech in September reminding all that the “promised” cut remains in the pipeline. So what could spook them from cutting? A sharp rise in inflation expectations on 2 Nov (unlikely, given CPI is running at only 0.2%/yr), or a plunge in the NZD, come to mind.”

Author

Sandeep Kanihama

FXStreet Contributor

Sandeep Kanihama is an FX Editor and Analyst with FXstreet having principally focus area on Asia and European markets with commodity, currency and equities coverage. He is stationed in the Indian capital city of Delhi.

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