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NZDUSD Tumbles Through Support as RBNZ Hints Rate Cut as Next Move
The New Zealand Dollar declined as much as 1.45%, setting itself up for the worst performance in a single day since February 6th on a more dovish RBNZ rate decision as expected. Holding rates unchanged at 1.75% was the widely-anticipated outcome, but the surprising portion was that the central bank shifted to an outlook that favors a rate cut over a hike. The Reserve Bank of New Zealand expressed that the risks to the outlook have shifted to the downside, following similar views from its respective central bank counterparts. Most recently was last week’s dovish Fed, which essentially took hikes (2) off the table ... (full story)