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Westpac New Zealand RBNZ Pulse Client Survey

2024-06-22ActionForexActionForex
Ahead of this week’s RBNZ policy meeting, our survey finds that offshore clients are more dovish than those onshore. Both groups are more dovish than the RBNZ.

Ahead of this week’s RBNZ policy meeting, our survey finds that offshore clients are more dovish than those onshore. Both groups are more dovish than the RBNZ.

  • Market participants see an earlier start to RBNZ easing than RBNZ and Westpac forecasts.
  • Survey participants are less dovish than market pricing.
  • Offshore market participants are more dovish than New Zealand-based clients.
  • Participants see the path of non-tradable and headline inflation as key risk factors.
  • Offshore market participants see potential labour market weakness as being more important compared to New Zealand- based clients.
  • There is a significant gulf between the RBNZ’s stance and the hopes of offshore market participants, which raises the stakes of the May Monetary Policy Statement and June quarter CPI.

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