Preview of the RBNZ policy decision due Thursday morning (NZ time)

The Reserve Bank of New Zealand policy statement is due at 2100GMT on 29 April 2015, which is Thursday morning in NZ.

I have a few previews posted up over the past few days:

• Quick look at the RBNZ meeting on April 30 from Barclays
• BNZ & Westpac on what to look for in this week's RBNZ meeting
• RBNZ meeting - policy expected on hold, but a shift to more dovish bias?

It seems likely that the RBNZ will tilt a little more dovish. In the previous meeting (March) the statement indicated they were neutral, but last week's comments from Deputy Governor McDermott were quite clear in showing which was the bank is now leaning. Expect more dovish language, perhaps along the lines that 'the balance of risk is now toward rate cuts rather than hikes'. Something along those lines.

There is no expectation of any change to the official cash rate (OCR) at all in this meeting, though.

On the exchange rate ... expect rhetoric to once again focus on how high the NZD is, especially given the fall in commodity prices. The RBNZ have been noticeably less forceful in their language on the dollar, but expect that to change tomorrow. Whether the market reacts or not, who knows. Talk is cheap.

While not directly related to the RBNZ, watch for the impact of the FOMC (due 1800GMT, a few hours before the RBNZ). Any USD strength on the Fed comments isn't going to spare the kiwi!