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RBNZ delivers by cutting rates by 25bps to 2.50% - Lloyds Bank

FXStreet (Delhi) – Research Team at Lloyds Bank, notes that the RBNZ cut interest rates by 25bps to 2.50%.

Key Quotes

“NZDUSD has traded a 0.64 – 0.69 range in recent months, put under pressure by falling commodity prices and volatile risk sentiment, but supported by milk prices which have outperformed of late. It was mid-range, at 0.6640 going into the central bank decision and despite the easing action and dovish bias, NZDUSD rallied aggressively to an overnight high of 0.6782. Strong resistance will be met at 0.6905/35 and support will be found at 0.6675/45 and below that at 0.6580.”

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