XE Market Analysis: Europe – Sep 10, 2015

A big NZD dive was the main action in pre-Europe trade in Asia after the RBNZ cut its growth outlook for the New Zealand economy and called for more currency weakness. This followed its expected decision to cut the official cash rate to 2.75% from 3.0%. NZD-USD dove just over 2% in making a three-day low at 0.6256. AUD-NZD rallied strongly, with the RBNZ’s guidance contrasting a strong employment report out of Australia, which saw employment rise by 17.4k, above the 5.0k median forecast. The data saw AUD-USD rebound to the 0.7020 area from a low at 0.6946.