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Aug 07 - 03:48 AM
NZD/USD - Plummets To Major Fibo On RBNZ Shock And Gloom
First appeared on eFXplus on Aug 07 - 02:15 AM
  • NZD/USD pummeled in Asia, down 1.7% on RBNZ hefty 50bp rate cut nL4N2530MQ
  • RBNZ chief says negative interest rates "within the realms of possibility"
  • Traders stunned by decision, rate cut of 50bps only on 3 other occasions
  • Markets price in more cuts, Westpac expects RBNZ to cut to 0.75% in Nov
  • Move an attempt to get ahead of curve, mitigate fallout from US-China feud
  • Support 0.6367, 76.4% of 2015-2017 rally nearly attained, may slow decline
  • Break opens 0.6348 & 0.6235, lows in Jan 2016,Sept 2015; res 0.6425, 0.6450

nzd: Click here

Source:
Refinitiv IFR Research/Market Commentary

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