The NZD/USD sits 1.6% higher than 24-hours ago, at0.8680 this morning. It was the best performing currencyby a large margin, after the RBNZ’s meeting yesterday. The NZD/USD gapped higher after the RBNZ’sannouncement yesterday morning. Itwas not so much that the RBNZ changed its tune, butrather that it did not, that caught the market by surprise. Itremains committed to bringing the OCR back to ‘neutral’in the first instance. From 0.8550, the NZD/USD initiallysurged to above 0.8620. It then settled into a steadyovernight ascent to sit at 0.8680 this morning.
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