The New Zealand Dollar climbed more than 1.3 percent (over 85 pips) versus the US Dollar. The gain came after the Reserve Bank of New Zealand cut its benchmark lending rate by 25 basis points for a second consecutive meeting. This is the first time the central bank cuts its cash rate in subsequent meetings since 2009 and continues to reverse a period of rate hikes the central bank engaged in through 2014. The RBNZ said New Zealand’s economy is currently growing at an annual rate of roughly 2.5 percent. Compared to June’s Official Cash Rate Statement, this update is a softer growth outlook. The policy authority went ... (full story)