That is putting a major drag on NZD/USD, which is down over 1% to near 0.6000 currently. Given the more dovish signals, traders are now pricing in ~107 bps of rate cuts by year-end. There's still just three meetings to go, in September, November, and December. While the "expectation" is for the RBNZ to stay on hold today, traders were pricing in a ~70% probability of a rate cut. Otherwise, the damage to the kiwi would've been a lot worse.Going back to NZD/USD, the fall comes as sellers are also able to lean on the 200-day moving average (blue line) as a key risk defining area. That now marks a drop back below the 100-day moving average (red line) as well. And that puts sellers back in contro
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