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24 Apr 2015
Markets likely overreacted to RBNZ McDermott’s dovish comments - BNP Paribas
FXStreet (Bali) - Markets have likely overreacted to RBNZ Deputy Governor McDermott’s dovish comments on Wednesday 23 April, notes Steven Saywell, FX Strategist at BNP Paribas.
Key Quotes
"Markets have likely overreacted to RBNZ Deputy Governor McDermott’s dovish comments on Wednesday 23 April. We do not think the RBNZ will cut rates at its next policy meeting on 30 April."
"In our view, the central bank is likely signalling that rates will be on hold for a considerable period, rather than suggesting a cut is likely. Policy is already accommodative and the economy is doing well. Consumer confidence is holding up extremely well, house prices are rising strongly and net immigration is strong."
"Markets are already priced for an RBNZ easing this year and may be disappointed. Furthermore, at 3.5%, New Zealand’s base rates are the highest in the G10 by some margin and should continue to bolster the NZD as the carry trade of choice.
Key Quotes
"Markets have likely overreacted to RBNZ Deputy Governor McDermott’s dovish comments on Wednesday 23 April. We do not think the RBNZ will cut rates at its next policy meeting on 30 April."
"In our view, the central bank is likely signalling that rates will be on hold for a considerable period, rather than suggesting a cut is likely. Policy is already accommodative and the economy is doing well. Consumer confidence is holding up extremely well, house prices are rising strongly and net immigration is strong."
"Markets are already priced for an RBNZ easing this year and may be disappointed. Furthermore, at 3.5%, New Zealand’s base rates are the highest in the G10 by some margin and should continue to bolster the NZD as the carry trade of choice.