Global economic uncertainty is expected to weigh heavily on the wording of today's Reserve Bank monetary policy announcement.

The general feeling in the market is that governor Alan Bollard will leave the Official Cash Rate unchanged at 8.25 percent.

ANZ Bank chief economist Cameron Bagrie says there is speculation of a recession in the US spreading to Asian countries. He says New Zealand in particular is extremely vulnerable to the down turn in the global economy. He says credit risk is being re-rated around the globe and New Zealand's economy is very reliant on offshore capital to fund a savings shortfall.

Mr Bagrie says that means borrowed money will cost more. He says it will be interesting to see the nuances in the Reserve Bank's monetary policy today.