The Reserve Banks of Australia and New Zealand kept interest rates unchanged today but left the door open for further rate hikes. To the surprise of the market, the RBA released a statement explaining their move and announced that from here on forward, they will be releasing a statement regardless of whether they alter interest rates. Although they were hawkish to some degree, the market was disappointed by the fact that they said [B]“monetary policy should be maintained for the time being,” which meant that they don’t expect to hike interest rates anytime soon. The RBNZ also felt that inflation would breach their target but there are signs that the housing market is moderating. Both the Aussie and Kiwi appear to be unaffected by the rate decision. Meanwhile the Canadian dollar continued to weaken following yesterday’s surprise rate cut from the Bank of Canada. Traders are betting on weak building permits and disappointing IVEY PMI. [/B]