The new coronavirus will inevitably impact the New Zealand economy in the first quarter of 2020. Even so, the data has generally improved by more than the Reserve Bank of New Zealand (RBNZ) anticipated in November, and forward indicators point to a pick-up in growth in the second half of 2020. That’s why we think the RBNZ will leave rates on hold on Wednesday 12th February. And given our expectation that the underlying economy will continue to improve we think the RBNZ is now done cutting.
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