The Dollar inched weaker in today’s session, with markets digesting a number of speeches by FOMC members. In particular the NZD/USD cross rallied to a 2-month high close to 0.67 following this morning’s RBNZ policy meeting. As expected the RBNZ left its policy rate unchanged at 1.50% and the accompanying statement left the door clearly open to further rate cuts. But with some analysts having talked up the possibility of a surprise 25bp rate cut today, the tone of the statement was perhaps not as dovish as expected, particularly in the context of other major central banks, including the Fed the ECB, having hinted heavily at monetary policy loosening.
