Reuters poll: RBNZ to cut cash rate to 4.25% on November 27

A Reuters poll is showing:

• RBNZ is to cut cash rate to 4.25% on November 27. The current rate is at 4.75%. 27 of 30 economists look for the 50 basis point cut.
• In 2025 the median forecast is for the central bank to cut rates by total of 100 basis points

The NZDUSD move down to test a low of a pretty solid floor level and 0.58488. Having said that that floor was broken last week and earlier this week but failed on the break. Today with the price stolen against the low traders are making a play against the risk defining area with likely stops on a break below or below the lows from last week/this week.

This article was written by Greg Michalowski at www.forexlive.com.