We're not too worried by this (data) as a further improvement in the labor market should support spending before long. The Fed will probably place more weight on the ... decent news on the labor market. A hike in September remains a good bet.

Paul Dales

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The RBNZ has clearly been spooked by the recent weakening in the outlook for the global economy, the strengthening in the New Zealand dollar and the fall in domestic inflation expectations.

The lack of a sustained acceleration in wage growth could prompt the Fed to keep pushing back the timing of the first rate hike.