Consensus is for 25bp cut to bring OCR to 3%. Slowing growth, weaker labour market, easing inflationary pressure and falling consumer confidence suggest that a 25bp cut is a done deal. NZD was last at 0.5917 levels, OCBC's FX analysts Frances Cheung and Christopher Wong note.
The NZD/USD pair gains traction to around 0.5935 during the early European session on Monday. The US Dollar (USD) edges lower against the New Zealand Dollar (NZD) as anticipation mounts of a Federal Reserve (Fed) interest rate cut.
The NZD/USD pair gains some positive traction at the start of a new week and holds comfortably above the 0.5900 mark during the Asian session, though it lacks bullish conviction.