A surprise cut in New Zealand interest rates, the first since 2011 saw it fall across the board. Against sterling it has lost nearly five cents overnight. The rate cut was only 0.25% to 3.25% with the explanation that inflationary pressure were low and demand was weakening. Since the start of the year we have seen the New Zealand dollar weaken by nearly 10% against sterling.
The Japanese yen gained some strength against the US dollar, moving in favour of the former by nearly 1.35%. This followed remarks from the Governor of the Bank of Japan who commented that he thought the yen was very weak and it was difficult to see the yen falling further.
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