The RBNZ decision is coming up. Here's what's expected.

The numbers on the RBNZ decision, which is due at the top of the hour

The current official cash rate is 2.25%. It was cut once this year, in March, but an easing cycle has been ongoing since mid-2015.

The OIS market is pricing a 27.5% chance of a cut but that rises to 67.5% in August. But be warned, the OIS market in New Zealand is relatively thin and those numbers aren't as good as a clue about market expectations as something like Fed fund futures.

Economists are more dovish than the market. Seven of 17 surveyed by Bloomberg are expecting a cut today.