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NZD/USD recovers RBNZ rate cut fall
Very early this morning the Reserve Bank of New Zealand did exactly what the markets expected and cut their OCR (Official Cash Rate) by 0.50%, taking it from 4.25%, to 3.75%. The immediate reaction saw the NZD/USD fall from around 0.5710, to a low at 0.5678. That was despite the rate move being entirely expected. However, almost as quickly the NZD/USD rebounded, after comments from RBNZ officials tempered the outlook for more of the same. So, the NZD/USD has rebounded and lifted above where it was before the rate cut was delivered. The high since the low has been set at 0.5730. It is right now at 0.5726. Certainly right now it looks like a case of all being priced in.
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