Today's Asian market session was highlighted by the New Zealand central bank's (RBNZ) policy meeting which saw it keep interest rates unchanged at 5.50%.
This was broadly in line with market forecasts which saw the central bank's official cash rate (OCR) peaking.
However, the RBNZ said it would leave interest rates at their highest level for a while to ensure annual consumer inflation returns to the target range of 1-3%.
He added that there are risks in the activities in the near term and inflation measures are not slowing down as expected.
While the latest indicators continue to show a loss of momentum in the economy, they also signal a risk that price pressures may take longer to dissipate.
The kiwi dollar rose slightly following the statement, erasing earlier losses to trade at around 0.5963 against the greenback.
Meanwhile, the RBNZ also said there was not much discussion about interest rate cuts at the meeting, adding that they are very comfortable with the current level of interest rates.
In addition, the central bank also sees that the New Zealand economy is still on the right track for a 'soft landing' or avoiding recession.
