Home owners and retailers may get an early Christmas present with the Reserve Bank to decide whether to cut the interest rate at its monthly meeting today.

Analysts are divided on whether borrowers will get a second interest rate cut in as many months.

Economist Craig James from Commsec thinks there's a slight chance rates will be cut.

"If rates go down today it will certainly be 25 basis points. At this point in the cycle, and the Reserve Bank has good reason to be a little bit cautious with cutting rates but if there's the European situation which may further implode certainly they'd go down the track of bigger rate cuts."

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