The RBNZ will be paying close attention to the jobs data

The jobs data is due next Wednesday. (Image: Getty)

Thu, 27 Jul 2023

New Zealand’s central bank has a dual mandate – at least for now – and next week’s jobs day may well shift the dial on the official cash rate peak.The Reserve Bank of NZ (RBNZ) claims rates have peaked at 5.5%, but the market is currently pricing around a 50% chance of a 25-basis point rate hike in November. That will take the official cash rate (OCR) to 5.75%, spelling more pain for mortgage holders.The central bank is currently charged with keeping inflation at 1% to 3% and ensuring maximum sustainable employment...

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