Daily Alert: Here we go again, with RBNZ now expected to hold OCR at 0.25% today

  • Yesterday afternoon a community case of COVID-19 was discovered in Auckland; the NZ Government moved swiftly, announcing that from 11.59pm last night NZ would move to Alert Level 4 for at least the next 3 days, with Auckland and the Coromandel to be at Level 4 for at least 7 days.
  • The lockdown has increased the option value of waiting and ASB now expects the RBNZ to hold the OCR at 0.25% today.
  • Meanwhile, prices from the GDT auction rose 0.3%, but whole milk powder prices fell 1.5% to USD3,552 per metric tonne and we have retained our $7.90 kgMS Fonterra milk price forecast for the 2022 season.

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