Reserve Bank of New Zealand (RBNZ)

LIVE

16:38ZUS Rates - US CPI & TIPS: On firmer footing 13:26ZBusiness Checkpoint: Looking into the logistics 12:00ZNational Bank of Hungary preview: Room to cut, but caution prevails 09:17ZEurozone industry is slowly slipping as the Middle East conflict continues 09:15ZING Monthly: Same fears, different crisis 09:06ZFrance isn’t the new Greece, but the warning signs are familiar 09:05ZOil prices hold firm despite Persian Gulf supply growing 09:04ZAI, energy and jobs: 3 scenarios for inflation 09:03ZOur latest views on the major central banks 09:02ZUS midterm elections: 3 scenarios for markets 16:38ZUS Rates - US CPI & TIPS: On firmer footing 13:26ZBusiness Checkpoint: Looking into the logistics 12:00ZNational Bank of Hungary preview: Room to cut, but caution prevails 09:17ZEurozone industry is slowly slipping as the Middle East conflict continues 09:15ZING Monthly: Same fears, different crisis 09:06ZFrance isn’t the new Greece, but the warning signs are familiar 09:05ZOil prices hold firm despite Persian Gulf supply growing 09:04ZAI, energy and jobs: 3 scenarios for inflation 09:03ZOur latest views on the major central banks 09:02ZUS midterm elections: 3 scenarios for markets

FX BANK FORECAST · COVERAGE

Institutional FX coverage in your inbox

Aggregated year-end forecasts, scenario shifts, and curated analyst notes from 38 institutional desks. No promotion.

RBNZ & the NZD: common questions

Date	Event	Country	Impact	Consensus	Previous
2026-10-15	Business NZ PMI (Sep)	NZ	Med	54	53.1
2026-10-15	Retail Sales MoM (Sep)	NZ	Med	—	-0.9%
2026-10-18	Balance of Trade (Sep)	NZ	Med	-1.2 B	-1.349 B
2026-10-21	Consumer Price Index (Q3)	NZ	Med	—	1.5%
2026-10-21	Inflation Rate QoQ (Q3)	NZ	Med	0.7%	1.5%
2026-10-28	RBNZ Interest Rate Decision	NZ	Med	2.75%	2.75%
2026-10-29	ANZ Business Confidence (Oct)	NZ	Med	51.5	51.9
2026-11-03	Unemployment Rate (Q3)	NZ	High	5.5%	5.6%

When is the next RBNZ meeting?

The next Reserve Bank of New Zealand (RBNZ) policy decision is scheduled for Nov 26. Because Reserve Bank of New Zealand sets monetary policy for the NZD, its rate decisions and forward guidance are among the most important scheduled catalysts for NZD exchange rates, and sell-side FX desks reposition their NZD forecasts around each meeting. FX Bank Forecast tracks how the major investment banks' NZD targets shift before and after RBNZ decisions, so you can see whether the consensus is moving with the policy path or diverging from it. Watching the cross-bank reaction to each meeting is often a more durable signal than any single house call.

What is the RBNZ's current policy stance?

Reserve Bank of New Zealand's policy lean is read from its most recent decisions and guidance. A more hawkish stance — biased toward higher-for-longer rates — tends to be supportive of the NZD, while a dovish, easing-biased stance tends to weigh on it, though the market reaction always depends on what was already priced in. What matters for NZD forecasting is less the stance in isolation than how it compares with what investment banks expected and how it shifts the projected rate path. FX Bank Forecast aggregates how 38 major banks read the RBNZ path and translates it into where the NZD consensus and its dispersion sit.

How does the RBNZ affect the NZD?

Monetary-policy expectations are one of the dominant drivers of currency moves, so Reserve Bank of New Zealand's decisions — and, just as importantly, how they compare with other central banks — feed directly into where strategists set their NZD targets. Relative policy paths (the RBNZ versus the Fed and other majors), the pace of cuts or hikes, and the tone of guidance are the channels through which RBNZ actions transmit into the NZD. FX Bank Forecast compares the published NZD forecasts of 38 major investment banks side by side and shows how that consensus — and the spread of views around it — shifts as the RBNZ outlook evolves.

See the NZD bank consensus and how it shifts around RBNZ decisions

Institutional FX coverage in your inbox

Reserve Bank of New Zealand

Meeting Schedule (2026)

Policy-rate trajectory

Upcoming Macro Calendar — New Zealand

Bank Consensus on NZD

Related Coverage

Related FX Research

NZD/USD Trades 6.8% Below Consensus as RBNZ-Fed Gap Widens

RBNZ Rate Decision Preview — September 2, 2026: Street Targets 0.60

Recent News on RBNZ

Recent Commentary on RBNZ

FX Daily: Markets preview the AI correction

US consumers remain under pressure as sentiment slides

UBS On-Air: Paul Donovan Daily Audio 'Worrying about the cost of war'

FX Daily: High bar for a dollar correction

Fiscal troubles for the euro may only be starting

CFTC Positioning — NZD

Firm Coverage

Macro Insights: Making Sense Of Midterm Election Volatility, AI Credit Crunch, And Rising Yields

Economic damage from high energy prices and rising borrowing costs is mounting globally, splitting the world into a new set of winners and losers as countries with limited exposure to the AI boom fall behind

Small Stumble, Big Correction

Elliott Wave Top: The End Of The 2022-2026 Bull Market

Nasdaq Futures Slide as Global AI Selloff Gathers Pace

RBNZ & the NZD: common questions

When is the next RBNZ meeting?

What is the RBNZ's current policy stance?

How does the RBNZ affect the NZD?