The NZ dollar has been the biggest mover after the RBNZ left its official cash rate at 2.25%, contrary to expectations for a cut to 2.0%. NZD-USD rallied 1.6% to a one-year high of 0.7147, while AUD-NZD plunged to a 13-month low. Stop loss orders and the breaching of option barrier levels contributed fuel to the moves, as is normally the case during sizeable adjustments.
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