The Reserve Bank of New Zealand (RBNZ) released its interest rate decision on Wednesday. The central bank kept its interest rate unchanged at 3.50%.
The RBNZ Governor Graeme Wheeler said that the New Zealand dollar remained unjustifiably high.
He noted that the central bank may cut it interest rate "if demand weakens, and wage and price-setting outcomes settle at levels lower than is consistent with the inflation target".
Wheeler reiterated that monetary policy adjustments "will depend on the emerging flow of economic data", he added.