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BNZ Weekly Overview - September 10 2009
Welcome to the September 10 2009 issue of the BNZ Weekly Overview.
It was no surprise this morning that the Reserve Bank left their cash rate at 2.5%, and also no surprise that they said they currently plan leaving it there until “..the latter part of 2010.” We don’t think they will be able to wait that long given the improving economic outlook and a mid-2010 tightening looks more likely. Also we anticipate that come early 2012 the cash rate will be closer to 6% than the 5% they indicate.
There was no impact on the NZD from the RB’s policy review and against the greenback the NZD remains very close to 70 cents.
Apart from this morning’s cash rate review fresh NZ economic news has been relatively thin on the ground this week.
ENDS
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