NZDCAD View!!
Markets increased the likelihood of a surprise rate hike this week so while the outcome came somewhat as a surprise, outcome had gained traction in recent days. Last week Wednesday markets priced in 16 basis points (bps), but ahead of the announcement it had risen to 20 bps.
Unemployment has picked up; and while GDP growth improved in Q1 compared to Q4, it still disappointed when viewed alongside estimates. Low growth and inflation combined with rising unemployment provides a mix that the committee believed justified a rate cut today.
Unemployment has picked up; and while GDP growth improved in Q1 compared to Q4, it still disappointed when viewed alongside estimates. Low growth and inflation combined with rising unemployment provides a mix that the committee believed justified a rate cut today.
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