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RBNZ likely to deliver a little less and the RBA a little more - BNZ

Kymberly Martin, Senior Market Strategist at BNZ, suggests that the market prices slightly more than a 60% chance of an RBNZ’s OCR cut on 11 August and around a 1.85% OCR trough within the year ahead.

Key Quotes

“By contrast, the market prices that the RBA’s cash rate will be cut to 1.40%within this time.

Our core view is that both cash rates will trough at 1.75% (where the RBA’s cash rate currently sits). However, the risks around this view are that the RBNZ delivers a little less and the RBA a little more. That said, overnight the NZ TWI has pushed on up to its highest level since early-May last year. It is a full 8% above the RBNZ’s projections for the TWI’s average this quarter. If this level sustains then an August cut appears highly likely.”

RBA kept rates steady and adapted dovish tone - BBH

Research Team at BBH, notes that the RBA kept rates steady at 1.75%, as expected.  Key Quotes “The statement was on the dovish side, noting that the
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EUR/USD flat near 1.1150 ahead of US data

The common currency is trading almost unchanged vs. the dollar today, taking EUR/USD to the 1.1150/60 band ahead of the US calendar. EUR/USD looks to
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