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0.6000 very much on radar now after RBNZ rate cut earlier today
Much earlier today, at 1am GMT the Reserve Bank of New Zealand did not surprise anyone when they lowered their OCR by 0.50%, from 5.25%, to 4.75%. This rate cut was overwhelmingly forecast by all leading analysts, so it has not had the immediate and rapid impact on the NZD/USD that a surprise move would have. That said, the NZD is still tracking lower. It closed in the US last night at 0.6139 and has fallen back from an earlier session high at 0.6144, to a low just now at 0.6076. That low is below the current 200 day moving average (in place right now at 0.6098). The NZD/USD has not been below that price point since busting above it back on August 20. A close below there tonight might not bode well. Naturally the fall today has also bought the 0.6000 handle very much into the radar today. The NZD/USD is currently trading at 0.6086
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