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RBNZ surprises markets with a 0.25% rate cut- NZD/USD falls towards 0.6000
Earlier today, at 2am GMT the Reserve Bank of New Zealand (RBNZ) surprised the markets by lowering their OCR (Official Cash Rate) to 5.25%, from 5.50%. The move sent the NZD/USD sliding lower from levels above 0.6080. The NZD/USD had most recently been on the rise this week, from below 0.6000. It had closed in the US last night at 0.6076. So, as you can see not many were expecting this move. The fall since then has taken it back close to the 0.6000 handle this morning. The low seen so far has been set at 0.6003. This fall has sent the AUD/NZD abruptly higher and the NZD/JPY has dropped back as a result. The NZD/USD is currently trading at 0.6012
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