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RBNZ cuts cash rate by 50 basis points sending NZD to seven-week low

The Reserve Bank of New Zealand (RBNZ) has unexpectedly cut its official cash rate by 50 basis points to 4.75%, sending the New Zealand dollar to a seven-week low. This decision follows a previous 25 bp cut in August and reflects the Committee's confidence in controlling inflation within the target band.The RBNZ's dovish forward guidance suggests further rate cuts may occur, with the market pricing in an additional 40 bps for the next meeting. The NZD/USD has fallen over 4% this month, influenced by geopolitical tensions and a strong US jobs report, with critical support at the 200-day moving average of 0.6098.
IG
New Zealand Dollar United States Dollar Federal Reserve Bank of Boston N.A. NZD/USD NZL Adrian Orr Orr
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06:32 09.10.2024
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