ING Research discusses its expectations for tonight's RBNZ policy meeting.

"The Reserve Bank of New Zealand announces monetary policy at 0300 BST tomorrow, and the chances of seeing anything different from another 50bp rate hike appear quite low. A half-point increase is in line with the latest bank projections as well as consensus and market expectations. The market reaction will therefore be mostly driven by the RBNZ’s assessment of the economic outlook and forward-looking language," ING notes. 

"It may be too early to deliver a dovish shift this month, but we see rising risks of a revision lower in the rate projections at the August meeting. Anyway, expect any impact of monetary policy on NZD/USD to remain very limited, as external factors remain centre stage. The pair may well test 0.6000 in the near term," ING adds.