The New Zealand dollar touched a new five-month low of 68.17 US cents overnight.

Brian Fallow: This morning's interest rate decision for the Reserve Bank is almost a photocopy of the last one on December 10.

Reserve Bank Governor Alan Bollard will probably wait until at least April before raising interest rates, though officially he may stick to his hinting at a mid-year hike this week.

Economists are picking the Reserve Bank to start lifting the Official Cash Rate by at least the end of June.