• The Reserve Bank of New Zealand is likely to maintain the interest rate at 5.50% in February.
• RBNZ Governor Orr’s press conference and updated macro forecasts will grab the market’s attention.
• The New Zealand Dollar gears up for a volatility spike on RBNZ Governor Orr’s words.

The Reserve Bank of New Zealand (RBNZ) will convene its first monetary meeting of 2024 on Wednesday. The RBNZ board members are expected to keep the Official Cash Rate (OCR) steady at 5.50% for the fifth meeting in a row. However, some economists are foreseeing the February meeting to be a “live” one, with upside risks for a rate hike.

The New Zealand Dollar (NZD) is set to witness intense volatility on a surprise rate hike or a hawkish hold by the RBNZ