The RBNZ cut the official cash rate to a record low of 1.75% from 2.00% yesterday. Governor Wheeler said that it was likely the last rate cut in this cycle but that they stand ready to intervene in the currency market at any time.
Kiwi was initially bought but reversed soon thereafter on intervention talk, aligning with the current U.S. dollar trade. The pair broke below 50 and 100 DMA today and is currently recovering from a sub 0.72 dip. Sellers may be waiting closer to 0.7250.
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