The week kicked off with the Reserve Bank of New Zealand (RBNZ) reducing its Official Cash Rate (OCR) by 50 basis points (bps) to 4.75%, a move that was widely expected and marked the central bank’s second consecutive rate cut this year.
The week that was: RBNZ slashed rates by 50bps The week kicked off with the Reserve Bank of New Zealand reducing its Official Cash Rate by 50 basis points to 4.75%, a move that was widely expected and marked the central bank’s second consecutive rate cut this year. The RBNZ signalled that further rate reductions are in the pipeline but depend on the ‘evolving assessment of the economy’. Money markets arecurrently pricing in 44bps of easing for November’s meeting .
Finally, UK retail sales data will be released on Friday at 6:00 am GMT, with markets anticipating a sharp deterioration of 0.3% from August to September . Nonetheless, September is expected to have risen 3.2%, up from August’s 2.5%. Albeit an event that can trigger short-term volatility across GBP pairs, the release is unlikely to alter rate pricing much. US The US calendar will be thin this week and follows US CPI inflation stalling and the bumper jobs data for September.
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