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RBNZ cuts rates as tariff panic spreads- NZD/USD from 5 year low
Earlier this morning the Reserve Bank of New Zealand did as pretty much everyone expected and lowered their OCR to 3.50% from 3.75%. Ahead of this outcome the NZD/USD had fallen back and it was surely not that much os a surprise to see it bounce afterwards. The NZD/USD lifted from a low at 0.5486, back above 0.5550 after the cut. The low seen earlier today was the lowest level since the pandemic back in 2020. The RBNZ is also mulling the prospect of lowering rates again and that has tempered the rebound gains. However, the NZD/USD has been falling back and once again this is in part due to the NZD/JPY falls most recently and partly in response to the trade tariff that Trump has slapped on the country. The weakness of the Chinese currency since yesterday is not lost on the NZD either. The NZD/USD is right now at 0.5530
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