NZD/USD depreciates to near 0.5850 due to rising odds of a bumper RBNZ rate cut – FXStreet

The New Zealand Dollar (NZD) against the US Dollar (USD) has dropped to nearly 0.5850 as the likelihood of a significant rate cut by the Reserve Bank of New Zealand (RBNZ) increases. This depreciation comes as a result of growing expectations for the RBNZ to implement a substantial cut in interest rates. The currency pair has been impacted by these developments, with the NZD losing ground against the USD.