ANZ says RBNZ will cut rates in both June and July

ANZ New Zealand chief economist Cameron Bagrie:

• Our monthly inflation gauge soft for April
• The sleeping inflation dragon is more like sleeping beauty
• OCR to be cut in June and July

ANZ had been forecasting no change in rates through to Q4 2016

• They cite the still high NZD, falling dairy incomes, low inflation, new macroprudential response to address rapid house price growth for the change to their call

NZD lower ...

AUD is on it s morning's lows also.

The movements lower for NZ and Oz despite the PBOC rate cut over the weekend, though it was flagged by some back on Friday