NZ GDP cements expected RBNZ rate cuts
ASB on the New Zealand GDP data and what it means for the Reserve Bank of New Zealand
- GDP ,,, modestly above market expectations, but in line with the ASB/RBNZ pick
- Growth remained uneven, with the services sector and agriculture keeping the economy afloat
- Growth momentum has slowed with annual GDP growth at a six-year low.
- This period of sluggish performance is set to continue, and we expect growing spare capacity will see the RBNZ cut the OCR again in November.
(bolding mine)
NZD remains soft:
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