UBS economist Nic Guesnon said the Reserve Bank of New Zealand is expected to leave the official cash rate unchanged at 5.50% at its policy meeting next week, but that looks like a very close decision to a rate cut. He said the Reserve Bank of New Zealand made a major shift in a dovish direction in its July policy statement, but traders and economists still don't know if they are considering a rate cut at that meeting. He added that the market is expecting a 70% chance of a 25 basis point rate cut in August, but a preliminary survey of economists shows the market generally favors the official cash rate to remain unchanged. (Jin Ten)