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NZDUSD slipped as rate cut bets rose. RBNZ said that
strong NZD exerts downside pressure on dairy and manufacturing sectors. A
decline in exchange rate is needed and further policy easing will be
required to ensure future average inflation settles near the middle of
the target range. We reiterate our bearish bias on NZD on rising
expectation for RBNZ rate cut (implied probability from OIS for a rate
cut in Aug has now jumped to 91%, from 35% a month ago), RBNZ explicit
intent for....
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