The Global Economics & Markets Research team at UOB Group believes the RBNZ could keep the key rates unchanged during the current year.

"The next RBNZ meeting is not until 12 February 2020. Our current OCR forecast of 1.00% through 2020 remains intact. That said, we will remain watchful of both developments at home and abroad. Should employment growth, business investment and household spending weaken further, and/or the global economy deteriorates, we will not be surprise to see the RBNZ venturing into further interest rate cuts and the uncharted territory of unconventional monetary policy".