The NZD dove to five-year lows against the USD following an unexpected RBNZ rate cut, while EUR-USD steadied around 1.1300 and USD-JPY recovered some of the lost ground seen during yesterday's sharp decline. EUR-USD settled to a relatively narrow oscillation around the 1.1300 level after a three-day run high peaked yesterday at 1.1374. Another episode of false optimism with regard to alleged progress in Greece's negotiations with its creditors played itself out.
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