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Westpac New Zealand RBNZ Pulse Client Survey

Ahead of this week’s RBNZ policy meeting, our survey finds that offshore clients are more dovish than those onshore. Both groups are more dovish than the RBNZ.

  • Market participants see an earlier start to RBNZ easing than RBNZ and Westpac forecasts.
  • Survey participants are less dovish than market pricing.
  • Offshore market participants are more dovish than New Zealand-based clients.
  • Participants see the path of non-tradable and headline inflation as key risk factors.
  • Offshore market participants see potential labour market weakness as being more important compared to New Zealand- based clients.
  • There is a significant gulf between the RBNZ’s stance and the hopes of offshore market participants, which raises the stakes of the May Monetary Policy Statement and June quarter CPI.

Read full report here

Westpac Banking Corporation
Westpac Banking Corporationhttps://www.westpac.com.au/
Past performance is not a reliable indicator of future performance. The forecasts given above are predictive in character. Whilst every effort has been taken to ensure that the assumptions on which the forecasts are based are reasonable, the forecasts may be affected by incorrect assumptions or by known or unknown risks and uncertainties. The results ultimately achieved may differ substantially from these forecasts.

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