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NZD Lights up as RBNZ holds rates
The RBNZ held the benchmark New Zealand interest rates just now, helping see NZD/USD rally back above 64c. This move to hold off on another rate cut makes sense because it is consistently in the RBNZ DNA to cut aggressive and then wait and allow that to percolate through to the New Zealand economic fundamentals. Being that their last move was an aggressive 0.5% - this Rate hold makes perfect sense. Levels to watch now that rates are on HOLD: 0.6420 becomes a key breakout point. The move to the upside can easily extend to 0.6450 today. NZD/USD – ahead of the RBNZ Press conference The RBNZ leaves the Kiwi in a ... (full story)