Imre Speizer, Senior Market Strategist at Westpac, suggests that the market pricing for the RBNZ has shifted even lower, now pricing in a terminal rate of 2.15% which is a post-2012 low. Key Quotes “Alternatively expressed, markets assign a 100% probability the RBNZ will cut once more this year, and a 40% chance it will cut a second time. We expect the RBNZ will indeed cut twice more this year. Trying to predict the exact months these will occur is tricky, but we have pencilled in June and August. However as early as March is possible. Inflation remains very low and inflation expectations are falling.” For more information, read our latest forex news.