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NZD Tumbles on Dovish RBNZ, UK MPs Vote over the Brexit Process

JFD

After two days of anxiety, Tuesday was marked by some market calmness. In the FX sphere, the Kiwi was the main loser among the G10s, tumbling after the RBNZ said that a rate cut is more likely than a hike. As for today, investors will keep their gaze locked on the Brexit land, as the UK Parliament holds “indicative votes” on plans over how to move forward.

Markets Calm Somewhat, NZD Tumbles on Dovish RBNZ

The dollar traded higher against all but two of the other G10 currencies. The main loser was NZD, which tumbled after the RBNZ decision (see below), while the currencies against which the greenback failed to capitalize were GBP and CAD.

After two days of anxiety and risk-off trading, Tuesday was marked by some calmness, with investors keeping a close eye on the bond market and the inversion of the US treasury yield curve. On Friday, they abandoned the equity market, after the...

Read the full financial markets daily report on JFD Research.

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Source: https://www.jfdbank.com/en/research/nzd-tumbles-on-dovish-rbnz-uk-mps-vote-over-the-brexit-process
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