Analysts at TD Securities think that RBA Board is likely to keep the cash rate on hold at 1% at its 6th Aug meeting but expects the RBNZ to cut the cash rate by 25bps to 1.25% on 7th Aug.

• “The RBA's Statement on Monetary Policy (SoMP) is likely to reveal near term cuts to GDP, likely cuts to underlying inflation, and a near term uplift in the unemployment rate.
• The RBNZ's projections are likely to show downward revisions to the Bank's GDP forecasts and a lower cash rate profile.
• Ultimately we anticipate the latest set of forecasts reinforcing our current RBA and RBNZ calls for further easing."