NZD/USD flows: RBNZ Signaling More Cuts

The RBNZ has cut as expected by 25bps but is signaling more cuts to come as OCR forecast is being revised lower. It came as a dovish surprise and sunk Kiwi along with it. The biggest surprise, perhaps, is the fact that 50bps are being considered in this meeting, showing the magnitude of concern in RBNZ's eyes.

NZD/USD slumped by 1.02% to 0.5832.