NZD/USD slid more than 20 pips intraday; the RBNZ, as expected, hiked rates by 25bps.

RBNZ: committee considers raising the Official Cash Rate to 2.75% an appropriate step to return inf sustainably to the 2% midpoint.

Internal documents and a person familiar with the matter show Honda Motor plans to cut more than $9 billion in costs over the next four years and has asked suppliers for steep price reductions. Management presented the plan at a spring supplier meeting and then issued company-specific cost-cutting targets to each supplier. Documents indicate Honda seeks 30% cost reductions in three key component categories.