Just 18 of 51 economists polled by Reuters had expected a cut by the Reserve Bank of Australia.
ANZ's Richard Yetsenga says factors such as stable economic growth and rising credit concerns could have kept the RBA from cutting interest rates.
Steve Goldman, Kapstream Capital MD, believes the RBA should wait for the release of the budget before cutting rates further.
The RBA will have to consider the AUD strength and whether another rate cut will help the economy, says Savanth Sebastian from Commonwealth Securities.
JPMorgan Jonathan Cavenagh explains why the Australian dollar could weaken to 73 to 74 cents against the greenback in the next few months.
After the Fed and the Bank of Japan kept their monetary policies unchanged, investors will be closely watching the Reserve Bank of Australia.
The yen rallied sharply and stocks tumbled Thursday after the BOJ kept monetary policy steady policy steady at a scheduled meeting.
Asia markets closed lower on Wednesday, ahead of key central bank decisions from the Fed and the Bank of Japan this week.
The RBA won't ease immediately as the soft CPI data helped weaken the Aussie dollar against the greenback, says Societe Generale's Toby Lawson.
Most Asian markets gained on Tuesday, led by Japan, as oil prices steadied after Monday's drop on producers' failure to reach an output-freeze deal.
The yen soared to its highest in 17 months against the dollar as sentiment in stock and commodity markets soured, with crude oil retreating.
Asia markets ended mostly lower on Tuesday, with Japanese shares losing ground on the back of a stronger yen.
Australia's central bank left its cash rate unchanged at a record low of 2 percent amid signs the economy is steadily shaking off a mining downturn.
Nomura Australia's Andrew Ticehurst says the RBA statement showed little concern about the AUD/USD and maintained its easing bias.
The RBA is expected to wait for the upcoming budget release to get a clearer fiscal outlook, says Xavier Denis from Societe Generale Private Banking.
HSBC's Paul Bloxham expects RBA to hold rates steady and repeat its previous commentary about the Aussie dollar while maintaining an easing bias.
NAB's Ivan Colhoun expects no change from the RBA because the Aussie dollar is not significantly stronger and growth prospects are still good.
Central banks in India and Australia are set to issue policy calls, amid bad-debt concerns in both countries. Singapore's central bank will also meet.
The yen and the Swiss franc rose while the euro fell after explosions in Brussels spurred inflows into safe-haven currencies and assets.
Asia markets were mixed on Tuesday, with the Nikkei up 2 percent and Shanghai down 0.2 percent, after U.S. equities squeezed out gains overnight.