UBS: New Zealand's Federal Reserve is expected to maintain interest rates unchanged next week

UBS economist Nic Guesnon said the Reserve Bank of New Zealand is expected to leave the official cash rate unchanged at 5.50% at its policy meeting next week, but that looks like a very close decision to a rate cut.
He said the Reserve Bank of New Zealand made a major shift in a dovish direction in its July policy statement, but traders and economists still don't know if they are considering a rate cut at that meeting. He added that the market is expecting a 70% chance of a 25 basis point rate cut in August, but a preliminary survey of economists shows the market generally favors the official cash rate to remain unchanged. (Jin Ten)