The New Zealand dollar has rallied strongly with markets pricing out expectations for the RBNZ to implement negative interest rates after the central bank stated at its policy review today that around 100bp less stimulus is seen as necessary. Governor Orr said that the domestic economy has been more resilient than previously assumed. The Kiwi dollar rallied by about 1% against both the dollar and yen in posting respective eight- and 10-month highs. AUD-JPY concurrently printed a new trend high.
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