The Reserve Bank left the OCR on hold at 3.25 percent - with the bank claiming it was waiting for more economic data.
Economists widely suspected the RBNZ wouldn't cut rates any further, and they believe there's more cuts to come.
Milford Asset Management's Remy Morgan unpacked the market reactions.
LISTEN ABOVE

Enda Brady: UK correspondent on Donald Trump claiming he's 'not happy' with the UK's response to Middle East conflict
04:47

Paul Bloxham: HSBC chief economist on the RBA increasing the OCR for the second month in a row
05:53

Jamie Mackay: The Country host on the impacts of the Middle East conflict on the dairy sector
04:23