RBNZ: OCR will remain on hold in June - Westpac

Imre Speizer, Senior Market Strategist at Westpac suggests that the market pricing for the RBNZ’s OCR has stabilised at a low 20% chance of a June cut.

Key Quotes

“From here we don’t see that being priced much lower. The RBNZ’s upcoming interest rate decision, due for release on the morning of Thursday 9 June, is looking like a very finely balanced one. We’ve changed our call on what the RBNZ will do, and now expect that the OCR will remain on hold in June.

We continue to expect that the RBNZ will cut the OCR one more time this year. However, we’ve pushed the expected timing of the next (and likely last) rate cut for the year out to August.”