New Zealand rate-cut bets rise on update

Economic update: The RBNZ says it decided to publish economic assessment next week because of an 11-week gap between the June 9 monetary policy statement and the next rate decision. — Reuters

WELLINGTON: New Zealand’s central bank said it will issue an unscheduled assessment of the economy next week, prompting traders to increase bets on an interest-rate cut in August.

The assessment, which would be published on July 21 and wouldn’t include a review of the official cash rate (OCR), is being made because of a longer-than-usual period between policy decisions, the Reserve Bank of New Zealand (RBNZ) said in an advisory in Wellington.