According to analysts at ANZ, next Wednesday the RBNZ will leave the OCR at 1.75%.

“We expect a dovish tone, in line with the March OCR Review, and a downward-sloping OCR forecast track implying around 35bp of OCR cuts by the end of the year. Domestic data has confirmed the economy is cooling but hardly freezing up. Near-term risks around China’s growth – and hence commodity prices – are diminishing. There is no urgency for RBNZ action. Nonetheless we are forecasting an OCR cut in August, with two more to follow, as it becomes incontrovertible that capacity pressures are waning meaningfully before core inflation is where it needs to be.”