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After a dramatic start with the New Zealand interest rate decision, markets settled down with the yen making slight gains on the day. The RBNZ overnight call rate decision got things rolling today with an expected hike of 0.25% to put the rate at a healthy 3.00%, however, the statements that followed put the Kiwi dollar into a tailspin. The RBNZ Governor Alan Bollard’s commentary that followed the rate announcement was more dovish than anticipated, as he questioned the “pace and extent of further rate increases….” Governor Bollard also talked down his currency by stating that its current appreciation is, “inconsistent with the softening in New Zealand’s economic outlook…” Needless to say, the NZD/USD dove from the 0.7280 level to lows just at the 0.7200 figure. The kiwi dollar has been trying to claw its way back to the 0.7280 mark ever since. AUD/NZD saw no such respite for the kiwi dollar as the pair launched from 1.2250 to 1.2370 in mere minutes and continued on to later highs nearer to 1.2390. The Aussie dollar made moderate 70 pip gains against the dollar as it tapped 0.8970 highs late in the session.
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