There's not a lot of investment opportunities out there, so yield is still the default play for the market. But when the New Zealand dollar turns, it will turn aggressively, and if we don't get yield demand it will fall by a country mile.
More Quotes from Cameron Bagrie:
The housing market is not slowing sufficiently to comfort the Reserve Bank of New Zealand.Cameron Bagrie
The lift in pricing intentions to their highest levels since late 2000 represents a clear warning shot. The message is one of pricing pressure and inflation risks. Monetary policy will remain in a restrictive stance.
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The decline in business confidence seen over past months has been arrested.
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Confidence is a critical element if the economy is to maintain forward momentum. Expect growth to remain tepid but a recession to be averted.
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The Reserve Bank of New Zealand is expected to reaffirm its no-cut stance, cementing yield-related strength for a while yet.
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