The Reserve Bank of New Zealand (RBNZ), as expected, left its cash rate unchanged at 2.5%. More surprisingly, the RBNZ also remained committed to keeping rates low into the second half of 2010, an extremely cautious stance probably aimed at holding back further Kiwi dollar apprecation. The RBNZ will be one of the last to hike in Asia, but we still expect a first move in Q2 2010.