Ahead of tonight's RBNZ release analysts at....>

RBNZ: Ahead of tonight's RBNZ release analysts at RBC note the unemployment rate

rate edged down to 4.5% in Q4, the lowest rate since the end of 2008 (cons:

4.6%) and employment grew a stronger-than-expected 0.5%q/q but the contained

backdrop for wage inflation suggests no immediate need for the RBNZ to respond.

They add, RBC and consensus expects the RBNZ to leave the OCR unchanged at

1.75%. Domestic data have been mixed since the board last meet in November

although the global backdrop continues to strengthen. Inflation has surprised to

the downside, the key wage measures show no signs of pick up despite a stronger

labour market, and the TWI is 2% higher than the RBNZ's current forecast for Q1.

Like its AU counterpart this week, it is likely to acknowledge the stronger

global outlook which should be supportive of NZ but a neutral bias and patient

stance on policy settings will remain.

-ANZ say "the RBNZ will again leave the OCR at 1.75% and retain a cautiously

upbeat stance.".  Developments since the November Statement have been mixed to

say the least, but we are not expecting the broad spirit of its assessment to

change a great deal.