Analysts at ANZ noted that the door is still open to a rate cut. Key Quotes: "On currency strength more than anything. In fact the high NZD / OCR downside scenario (to sub 1%) has the NZD trading below where it is today! That hints of MCI style thinking!We see the odds of a cut in August at just over 50%. The economy doesn’t need stimulus anytime soon. The combination of global wobbles (we expect some and it will be influential at the RBNZ), NZD strength, and pressure on local rates from higher funding costs are powerful forces bringing the RBNZ to the table again down the track. But that’s tomorrow’s story."