New Zealand Weekly Data Wrap

The RBNZ hiked the OCR by 25bp to 2.50% this week, citing ongoing, albeit conditional, needs for further policy tightening. Economic data shows a rebound in manufacturing and stable card spending, even as commodity prices face headwinds.

Key Takeaways

• 1.The RBNZ raised the Official Cash Rate (OCR) by 25bp to 2.50% and indicated that further hikes are likely but remain data-dependent.
• 2.Manufacturing activity has rebounded significantly, with the Performance of Manufacturing Index (PMI) jumping to 59.7 in June.
• 3.Strong El Niño risks are emerging, which may bring hot and dry weather to New Zealand's north and east, impacting the agricultural sector.

Table of Contents

• ANZ Proprietary data
• Key forecasts and rates
• RBNZ hikes, but keeps its options open
• Leap in PMI shows manufacturing returning to growth
• NZ Economic News
• Data calendar
• Interest rate markets
• FX markets
• The week ahead
• Key Forecasts and Rates
• Economic forecasts
• Meet the team
• Important Notice

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