JP Morgan in Australia update on the NZD after the Reserve Bank of New Zealand rate cut. Bottom line is that most NZD weakness related to the RBNZ's recent rate cut may have run its course. Notes that NZD has been resilient since the cut:improving global investor sentiment centred on expectations of a determined Fed rate cutting cycle more supportive global growth cycle seen aheadbank recommends "trimming shorts" on the pairMore specifically on the RBNZ moving earlier than expected:"Markets were pricing a lot of easing already, but having started the process, and a bit earlier than expected, there is now slightly greater comfort that the economy will stabilise into 2025, allowing risk premi
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