Reserve Bank of New Zealand policy meeting next week – rates to be left on hold

Reuters have polled analysts on expectations for the RBNZ’s interest rates path ahead.

The next policy meeting is on July 10, with no change the consensus expectation. Tbe Bank is holding rates at their highest in 15 years, at 5.5% for the Official Cash Rate (OCR), due to sticky high inflation. The most recent official CPI is at 4.0%, which the RBNZ target band is 1 to 3%. The next official CPOI report is due on July 17, a week after the bank’s next meeting.

According to the poll:

• Reserve Bank of New
  Zealand will hold its key cash rate at 5.50% for an eighth
  straight meeting on Wednesday
• 22 of 32 surveyed forecast
  interest rates to fall to 5.25% or lower by year-end, 10
  expected no change.

2pm New Zealand time on the 10th is

• 0200 GMT on the 10th and 2200 US Eastern time on the 9th.

This article was written by Eamonn Sheridan at www.forexlive.com.