RBNZ unexpectedly left its policy rate unchanged, denting rate‑hike expectations
and sending the New Zealand dollar sharply lower. NZD/USD slid as much as 1.7%
and NZD/AUD fell 1.9%, the biggest intraday drop against regional currencies
since October 2017. Glenn Yin, head of research at ACCM Prime in Melbourne, said
the surprise decision has hit NZD/USD hard and that a break below 0.55 would put
focus on 0.50, a 17‑year low. The RBNZ move adds pressure to an already weak NZD
amid a soft economy and an upcoming election with an uncertain outcome.
