Last week experts were predicting that the New Zealand dollar would decline against the Australian dollar as their central bank removed easy bias.

This is after the NZ dollar reached an eight year high in December as Australia's economy suffered from waning demand in their mining resources.

Then on Tuesday the dollar fell to it's lowest since early January, before advancing to 92.13 Australian cents today. The New Zealand dollar rose to a week high as sentiment improved, turning investor attention to riskier assets.

Traders will be eyeing the Reserve Bank of Australia's Statement on Monetary Policy, which was scheduled for release at 1:30pm, for revisions to key economic forecasts.