ANZ Research previews tonight's RBNZ policy meeting.

"We expect the RBNZ to raise the Official Cash Rate (OCR) 25bp to 2.50% on Wednesday. In uncertain times, it's all about risk management. With the OCR still 75bp below the RBNZ's central estimate of neutral, growth conditions supportive, the NZD much softer than assumed, and inflation set to sit above the band for a period, it's sensible to get a hike under the belt, despite the sharp fall in oil prices," ANZ notes.

"We expect a relatively short statement that sounds open-minded about what comes next - at this stage there's little to be gained from sounding more certain than warranted about what the next few months will bring," ANZ adds.