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NZD defy gravity and rate cuts, but risks to the downside - BNPP

FXStreet (Delhi) – Research Team at BNP Paribas, notes that the RBNZ cut by 25bp to 2.50% in line with the expectation of a majority of forecasters, putting policy rates back at their global financial crisis lows.

Key Quotes

“The NZD rallied in response, however, as the RBNZ removed it easing bias saying it expects to reach its inflation goal at current rate settings. We think the extent to which the NZD can rebound is very limited given that the RBNZ also said NZD rise was “unhelpful” and the central bank will likely be prepared to ease further in response to sustained FX strength.”

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