‘Is that all you’ve got, George?’, was what Muhammad Ali famously quipped to George Foreman just prior to knocking him out, after Forman was battering him on ropes in the 1974 ’Rumble in the Jungle’ fight in Zaire that many consider the greatest boxing match of all time. Fast forward 42 years, and Graeme Wheeler’s latest attempt to knock out the NZ dollar has just been met with a similar response from his opponent: the mighty global foreign exchange market. In delivering only 25bps cut to the OCR and which was more than 100% discounted ahead of time and the RBNZ’s latest 90-day bill track only implying one more cut, ... (full story)