Technical Analysis

ANZ New Zealand revise forecasts for RBNZ rate hikes ahead – lower terminal rate seen

ANZ cite the CPI data out earlier from New Zealand:


  • Thanks to finally getting a downside surprise on non-tradables inflation today, the RBNZ can ease off a little.
  • We now see the OCR being raised 50bp in Feb (not 75), and two follow-up 25bp hikes
  • taking the OCR to a peak of 5.25% in May (prev: 5.75%)

ANZ graph:

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