New Zealand Dollar Wobbles After RBNZ Rate Cut
The New Zealand dollar hovered around $0.553 on Wednesday, with no distinct direction following an anticipated rate cut by the Reserve Bank of New Zealand (RBNZ). The RBNZ reduced its official cash rate by 25 basis points to 3.5% for the fifth consecutive session, attributing the decision to a continued decline in inflation and a weakening domestic economy. The central bank also highlighted potential risks to New Zealand's export-reliant economy stemming from international trade barriers. Furthermore, the currency faces potential threats from U.S. President Donald Trump's tariff policies, which could have global economic repercussions, especially affecting China—New Zealand's principal export destination. These significant tariffs are set to be implemented later today, including a projected 104% tariff on China.
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