POV - NO CHANGE FROM FEBRUARY - The RBNZ is....>

RBNZ: POV - NO CHANGE FROM FEBRUARY

- The RBNZ is unanimously expected to leave the OCR unchanged at 1.75%, with

focus on the accompanying statement for future guidance.

- The Bank is expected to reaffirm its neutral policy stance, with the OCR

remaining on hold through 2019 and 2020.

- Downside global growth risks remain, with further concerns surrounding the

housing market.

- Despite this, the RBNZ is expected to hold the view that the economy is

showing signs of a pick-up with the current tight labour market underpinning

domestic demand.

Central view - Consistent message, alluding to greater risks to global growth

and positive domestic outlook. Highlighting the Bank's data dependant stance.

Dovish risk - Lack of activity pick-up domestically could prompt the case for

looser policy.

Hawkish risk - Play down recent GDP and Housing data, bring forward rate path

projections.