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Business Weekly Economic Report
RBNZ digs heels in on dovish tone
Monday, 02 November 2009
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Last Thursday the RBNZ left the cash rate unchanged at 2.5%, as expected. However, the accompanying statement was deliberately dovish, designed to try hose down market expectations of rate hikes.
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The strategy worked for the RBNZ, with market pricing pared back sharply, now more in line with our own expectation that the RBNZ will start hiking around April 2010.
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The NZ dollar dropped sharply against all the major crosses over the week, as the marked pared back expectations on NZ and Australian cash rates and offshore sentiment turned soar.
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Report Prepared by:
Jane Turner
ASB Economist
Phone: +64 9 374 8185
Fax: +64 9 302 0992
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