At its meeting on March 22 the Reserve Bank of New Zealand held rates unchanged and maintained a neutral policy.

However, there were some interesting tweaks from the bank, says Christoffer Moltke-Leth director of global sales trading at Saxo Capital Markets, Singapore.

The bank seems to believe that the weak growth in New Zealand will fade and that the hot housing market in Aukland will ease, he says.

Moltke-Leth expects the bank's policy will remain neutral for a long time, and that we won't see a rate hike until mid-2018.