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The RBNZ clipped the kiwi's wings by..........>

FOREX
FOREX: The RBNZ clipped the kiwi's wings by unexpectedly trimming the OCR by
50bps, defying consensus forecast unambiguously pointing to a 25bps cut. The MPC
noted that the cut expresses their commitment to sustaining employment growth &
pushing inflation towards the mid-point of the target range. RBNZ Gov Orr added
pressure to NZD at the subsequent press conference, as he refused to rule out
further easing and mentioned reviewing various policy options, including
non-conventional tools. He added that today's rate cut decreases, but doesn't
eliminate the chance of employing negative rates in future. NZD/USD crashed
through several technical levels, printing the lowest figures since Jan 2016.
- AUD was infected by NZD fragility & slid sharply vs. every G10 peer other than
the kiwi. Worth noting the NZ OCR is now on par with Aussie cash rate at 1.0%.
- JPY tops the G10 pile. Before appreciating post-RBNZ, it had already posted
gains on a softer Nikkei 225 & light risk-off flows, amid (later materialised)
exp. of a PBoC fix just below the key CNY7.0 level. 
- The RBI & BoT are yet to deliver rate decisions today. Data highlights include
German industrial output & French trade balance, while Fed's Evans will speak.
Energy BulletsCommodities
Energy BulletsCommodities

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