The Reserve Bank of New Zealand did not wait or send any additional signals but just the the interest rate from 3.50% to 3.25%. This is the first rate cut in a long time. The cut reverses the hike seen in July 2014. Since then, the RBNZ has been on hold, but they did shift their bias from hawkish to neutral.
This was not priced in, at least not fully. The pair tumbled quickly and momentarily fell below the very round 0.70 level.
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