In an (un)surprising move, RBNZ cut the official cash rate to 2.25% from 2.50% and hinted on additional cuts which will depend on data. Reasons for the cut are weak global growth outlook, high exchange rate and declining inflation expectations.

Technically, the bank prevented Kiwi from rising above October and December highs, at least for now. After 150 pip fall, the pair is stalling ahead of confluence of 50, 100 and 200 DMA. 0.65 - 0.6550 is the next stronger support band to watch.

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