New Zealand dollar extending its losses after terrible data, forecasts for more rate cuts

The data from New Zealand was very disappointing indeed:New Zealand Q2 GDP -0.9% q/q (vs. -0.3% expected)-0.9% is three times worse than what was expected.Its prompted forecasts for more interest rate cuts from the Reserve Bank of New Zealand, Westpac tipping 75cp soon:Westpac forecasts Reserve Bank of New Zealand rate cuts in October and NovemberNZD/USD extending down towards 0.5920.
This article was written by Eamonn Sheridan at investinglive.com.

Source: investinglive.com (Read Full Article)