Structural FX, page-135

Talk was for a possible small cut yesterday or in the next couple of quarters.
The spike was not because there was no cut, but what was said.

“Today’s official policy statement states that the RBNZ expects to keep rates
on hold through 2019 and 2020 and did nothing to endorse recent speculation
that the central bank could be minded to ease policy.”

Minus that comment, Specs. trade would have been a pretty good trade.

Best to not trade NZD pairs near News events.