HSBC favors long AUD/NZD following RBNZ rate cut ...Middle East

HSBC recommends going long on AUD/NZD after the Reserve Bank of New Zealand (RBNZ) delivered a 25 basis point rate cut to 5.25%, citing the central bank's dovish stance as a key factor.Key Points:RBNZ Rate Cut:The RBNZ cut its rate by 25bps to 5.25%, which was not entirely unexpected given the market had priced in a 67% chance of a cut.Dovish Signals:The market was surprised by the RBNZ's dovish tone, with Governor Orr mentioning that a 50bp cut was considered.The central bank’s updated forecasts were more dovish, with a lower Official Cash Rate (OCR) projection, downward revisions in 2024 inflation forecasts, and a worsened growth outlook.Monetary Policy Divergence:HSBC sees upside potentia

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