UPDATED 11.08am: The Reserve Bank has just made its latest OCR announcement.

The rate is being held at 2.75 percent.

Since June the Official Cash Rate has been cut three quarters of a percent.

ASB Chief Economist Nick Tuffley said today's rate was expected, but it's a wait and see as to what happens next.

"The key issue at the moment is the New Zealand dollar, which has lifted quite sharply and the Reserve Bank has made it pretty clear that if the New Zealand dollar remains pretty high there's a good chance that it's going to prompt it to cut rates before too much longer."

Tuffley said it's likely to be at 2.5 percent by the end of the year, presuming it will be cut in December.

"The key thing is that our currency has actually rebounded a fair chunk over the last couple of months, and the Reserve Bank is still likely to need to offset that rebound."