NZ Market Marginally Pushes Up July Rate Cut Risk

NZ money market marginally ups rate cut risk at July 24 RBNZ policy meeting after today's dire 2Q business confidence survey; Credit Suisse says implied pricing for RBNZ shows 35% chance of 25bp cut at July meeting vs 33% pre-data; market also now pricing in 130 bps of easing next 12 months vs 125 bps. Most economists still expect first RBNZ rate cut to occur at September 11 meeting