The Reserve Bank of New Zealand kept its Official Cash Rate at 2.75% on Wednesday, defying market pricing for a 25-basis-point increase. The New Zealand Dollar fell sharply on the decision.
The RBNZ, Bank of Canada, Fed, ECB and BoJ all announce policy this week, with pricing pointing to hikes in New Zealand and Canada and holds elsewhere. Guidance on December is likely to matter more than the decisions themselves.
Economists broadly expect New Zealand's central bank to push its benchmark rate up by a quarter point to 3% on Wednesday, a third consecutive increase that should drive moves in NZD/USD and short-term yields.