ANZ Research previews this week's RBNZ April meeting and NZD outlook.

"We continue to expect a single 25bp rate hike from the RBNZ this year in December. While a hold is fully priced at the RBNZ’s 8 April meeting, any change in tone, particularly around the implications of the Middle East conflict will be important for near-term rate expectations. Nonetheless, global risk sentiment is likely to remain the dominant driver of NZD in the near term," ANZ notes.

"Further increases in energy prices would also weigh on the currency via its terms of trade, given New Zealand’s status as a net energy importer. With geopolitical tensions likely to remain elevated in the near term, we see scope for mild downside pressure in NZD/USD over the month ahead,' ANZ adds.