The RBNZ meets on Wednesday to review monetary policy after the latest rate announcement (12 August) was accompanied by an expansion of its Large Scale Asset Purchase (LSAP) programme. Since the last meeting, growth data for the second quarter has been released, confirming fears of a bigger slump in New Zealand than its peers (-12.4% YoY), both due to the ultra-strict lockdown measures and the structural exposure of the economy to slowdowns in global trade and tourism. Still, we do not think grim data is enough to trigger a back-to-back easing move by the RBNZ, and this week may be an in-between meeting with any new … (full story)
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