NZD/USD drops after RBNZ rate cut

NZD/USD fell around 2 percent to $0.6278, nearing a six-year low below 62 cents. Against the yen the kiwi dropped 2.3 percent to 75.16 yen, while the euro surged 4 cents higher to NZ$1.7882.

The New Zealand dollar plunged after the Reserve Bank of New Zealand cut interest rates for the third time this year by 25 basis points to 2.75 percent, as widely expected, and signalled more easing if economic growth continued to slow.

AUD/USD fell to $0.6979, having gone as deep as $0.6947 at one point. It managed to trim losses after a better-than-expected jobs report at home supported the case for a steady policy outlook. Australian employment jumped 17,400 in August, almost three times market forecasts, while the jobless rate eased to 6.2 percent.

USD/JPY slipped from 120.55 to 119.98 before bouncing back towards early high.

EUR/JPY traded a 134.76-135.11 range, while GBP/JPY fell from 185.17 to 184.18 then bounced.

NZD/JPY gapped down on dovish RBNZ, from 76.18 to 75.06.

EUR/USD opened in Asia at 1.1207 to 1.1245, lifted after Wall Street sell-off. The pair retraced lower later.

GBP/USD was soggy with market still nervous. The pair traded between 1.5352-69. Bank of England policy meeting in focus.

The post NZD/USD drops after RBNZ rate cut appeared first on Forex Circles.

Source:: NZD/USD drops after RBNZ rate cut

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