Economists are keeping a close eye on how global trade uncertainty plays out

Westpac's economic overview forecasts we're on the road to recovery - supported by lower borrowing costs and improved export commodity prices.

It expects the Reserve Bank will cut the OCR 25 basis points, this month.

Chief Economist Kelly Eckhold says the exchange rate's been bouncing around, as views about global economy wax and wane.

He says if the more negative global risk scenarios eventuate, then it's possible we'll see further weakness in the New Zealand dollar throughout the rest of the year