Sunday’s 6.5 magnitude earthquake in New Zealand, though stronger than the 2011 Christchurch quake, thankfully, had no casualties. Financial markets could be shaken today though as the Reserve Bank of New Zealand releases their interest rate figure and rate statement.
Today at 5pm EST (New York Time), New Zealand’s Cash Rate figures and statement will be released to the watching world. The bank of New Zealand downsized it’s growth forecast for the year through March 2014 to 3.0% from it’s previous 3.3%. This could be in result of the slow growth in it’s neighbors – China and Australia.
Slow Growth in China and Australia
Slower growth in Australia and China could have significant affect on New Zealand’s outlook because of their closely-knit trade.
Earthquake of 2011
In 2011, proceeding the 6.3 magnitude quake, the Reserve Bank of New Zealand lowered their rates by 50 basis points. Could a similar response be expected today from the RBNZ?
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