ANZ analysts see NZ in leading position to normalize monpol
By Sophia Rodrigues
Published On 17 Feb 2021 , 11:35 AMForex analysts at ANZ have created an interesting pressure gauge to measure and rank the distance that each G10 economy is from its central bank's broad policy targets. According to the gauge, New Zealand is at leading position, the US is at number two and Australia is at number five. This means RBNZ should be the first one to normalize policy but according to ANZ analysts the relative openness and size of each economy will also play a role in determining when each respective central bank decides to move.
"On this front, with the US in number two position on our gauge, it is likely that most central banks will wait for the cover of a more hawkish Fed to start recalibrating policy. Equally, with the US in second place, it is possible they could be some adjustment to unconventional policies in 2021, even if formal policy rates stay on the lower bound," they wrote in a note.
The researchers are Daniel Been (head of fx), John Bromhead (fx strategist) and Rahul Khare (fx analyst).
LATEST SNIPPETS
Australia's Private New Capex Rises 0.4% q/q in Dec Qtr
Australia's total private new capex rose 0.4% q/q in the December quarter, leading to a 7.8% rise y/y, according...
Published on : 26 Feb 2026 , 11:34 AMAustralia Jan CPI up 3.8% y/y
Australia's Consumer Price Index rose 0.4% q/q in January, slowing from a 1.0% rise in December, but the y/y pace...
Published on : 25 Feb 2026 , 11:39 AMAustralia Dec Qtr Construction Work Done Fell -0.1% q/q
Value of construction work done in Australia fell -0.1% q/q in the December quarter and rose 3.0% y/y, data from the...
Published on : 25 Feb 2026 , 11:38 AMRBNZ increases monetary policy meetings to eight from seven
The Reserve Bank of New Zealand will have eight monetary policy meetings a year from 2027, up from seven.
... Published on : 19 Feb 2026 , 02:36 PMAustralia Jan Unemployment Rate Stays at 4.1%
Australia's unemployment rate was unchanged at 4.1% in January, data from the Australian Bureau of Statistics sho...
Published on : 19 Feb 2026 , 11:39 AMRBNZ Leaves OCR unchanged at 2.25%
The Reserve Bank of New Zealand kept the Official Cash Rate unchanged at 2.25%, meeting expectations.
Australia Wage Price Index Rises 3.4% y/y in December Qtr
Australia's wage price index rose 0.8% q/q in the December 2025 quarter, leaving the y/y pace unchanged at 3.4%,...
Published on : 18 Feb 2026 , 11:38 AMRBA Lifts Cash Rate to 3.85%
The Reserve Bank of Australia raised the cash rate by 25bps to 3.85%, marking a quick turnaround from a 25bps cut del...
Published on : 03 Feb 2026 , 02:37 PMRBA Maintains Cash Rate at 3.60%
The Reserve Bank of Australia left the cash rate unchanged at 3.60%, judging it appropriate to remain cautious w...
Published on : 09 Dec 2025 , 02:45 PMRBNZ Trims OCR 25bps to 2.25%
The RBNZ cut the Official Cash Rate by 25bps to 2.25%, and flagged this may be the end of the easing cycle.