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Westpac: RBNZ to cut rates in August

2019-06-21 08:30

The Reserve Bank of New Zealand will maintain status quo next week and cuts rates by 25 basis points in August to a new record low of 1.25%, according to Westpac New Zealand chief economist Dominick Stephens.

New Zealand’s gross domestic product (GDP) data released on Thursday showed the economy expanded 0.6% in the first quarter, meeting analysts’ expectations but beating the central bank forecast of 0.4%. 

Even so, analysts believe the central bank would cut rates in the second half of this year to counter a slowdown in the housing market and negative impact of the deteriorating global economic conditions.

This article is published only for general use basic informatory purposes and should not be considered or depended on as a financial or investment advice. Investors should make sure that they understand the risks and seek independent financial advice at all times. CFDS ARE COMPLEX INSTRUMENTS AND COME WITH A HIGH RISK OF LOSING MONEY RAPIDLY DUE TO LEVERAGE.

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