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Hello everyone, today XM Forex will bring you "[XM Foreign Exchange Market Analysis]: The New Zealand dollar/US dollar exchange rate fell sharply after the central bank's decision." Hope this helps you! The original content is as follows:
XM Foreign Exchange APP News - Wednesday (October 8), this morning, the Reserve Bank of New Zealand (RBNZ) lowered the key interest rate. The official cash rate was cut by 50 basis points, from 3.0% to 2.5%; most analysts had expected a smaller rate cut, to only 2.75%. In addition, the Reserve Bank of New Zealand said that given the recent deterioration in economic data, further easing policies may be implemented in the future. The decisive move caught traders off guard and led to increased market volatility. As can be seen from the NZD/USD exchange rate chart, the NZD/USD exchange rate has fallen to its lowest level since mid-April. A stronger US dollar further exacerbated the New Zealand dollar's downward momentum. The dollar's strength may be due to heightened concerns among investors about a possible U.S. government shutdown, prompting them to turn to cash assets.
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