New Zealand's central bank held its benchmark interest rate steady on Thursday, and retained an easing bias as it voiced concern about the overheated housing market.
Fourteen of 23 economists polled by Reuters expected the Reserve Bank of New Zealand to keep rates on hold at a record low 2.25 percent on Thursday while nine expected a quarter-percentage point rate cut.
"Further policy easing may be required to ensure that future average inflation settles near the middle of the target range," said RBNZ Governor Graeme Wheeler in a statement accompanying the decision.
The New Zealand dollar climbed to $0.7117 from around $0.7020 before the statement. It has since stepped back to $0.7094.