NZD, AUD Outlook: RBC Capital Markets

Qutoes from RBC Capital Markets

• NZD:
  
  Another inflation undershoot and a slightly weaker global backdrop set the scene for some modestdownward tinkering to output and inflation forecasts at the first MPS for 2015.
  
  PM Key said that the RBNZ is looking at new tools so that it doesn't have to tighten. He also noted there is no upward pressure on inflation and it could slow further.
  
  
• AUD:
  
  We look for employment to fall 5K in February (cons +15K). The participation and unemployment rates are likely to correct 0.1ppt lower to 64.7% and 6.3%, respectively (cons: 6.4%).