BNZ can’t rule out an August Reserve Bank of New Zealand interest rate cut

BNZ on their outlook for the Reserve Bank of New Zealand:

• while we see the first OCR
  cut in November, we reiterate that we wouldn’t rule out
  an earlier start to OCR cuts including at the Bank’s August
  meeting which we see as live.
• We continue to believe that
  easier monetary conditions are required.

BNZ see a material reduction in the OCR over the coming year or two citing:

• struggling economic activity
• a trend softening
  in the labour market
• associated receding
  inflationary pressure

RBNZ meet next week

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