After a“hawkish cut” event late last year, markets now expect the Reserve Bank of New Zealand (RBNZ) to keep policy steady in February. Our Event Guide for the February RBNZ decision notes that the New Zealand dollar could still see a pickup in volatility, particularly with updated economic projections on deck that may point to near-term Kiwi strength. If the RBNZ event comes across as bullish for the New Zealand dollar, we are watching NZD/CHF and GBP/NZD for potential follow-through.