NZD/USD bears move to fresh cycle lows and eye the 0.6080s NZDUSD Currencies DollarIndex RBNZ
, and instead markets seem focussed on the big picture: twin deficits, and generally shaky global risk sentiment.´´
´´Credit conditions not tightening sufficiently played a key role in the Bank's decision to hike 50bps,´´ they said, adding:in our Preview. However, after today's decision we retain our 5.50% peak OCR call. We see limited read-through of today's RBNZ decision for other Central Banks.´´The market is on the front side of the bearish trend and remains biased to the downside while below 0.6190.
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