NZD/USD dropped from its perch on the 0.68 handle and has made low of 0.6649 so far on the 25bp cut form the Central Bank in a pre-emptive move while the outlook for global growth has deteriorated since Dec meeting. The OCR now stands at 2.25%. The RBNZ added in the move within the statement that further easing may be expected and further NZD depreciation is appropriate.
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