“¢ RBNZ cuts rates to historic low and prompts some aggressive selling. “¢ Renewed US-China trade tensions added to intense bearish pressure. “¢ A modest USD pullback helped recover the lost ground to yearly lows. The NZD/USD pair has managed to recover a major part of its post-RBNZ slump to seven-month lows and is currently placed at the top end of its daily trading range, just below the 0.6600 handle. The pair came under some intense selling pressure on Wednesday and added to this week’s bearish gap opening/the overnight modest downtick after the Reserve Bank of New Zealand (RBNZ) lowered the official cash rate (OCR) to a fresh record low level of 1.5%. The central bank also hinted of one more rate cut this year, dragging the benchmark 10-year government bond yield to its lowest level since April 1 and negatively affected the New-Zealand Dollar. Adding to this, the prevalent risk-off environment, led by renewed fears about a full-blown US-China trade war, further drove flows away from perceived riskier currencies – like the Kiwi. Regarding the US-China trade tensions, it is worth reporting that the US Trade Representative Robert Lighthizer confirmed on Tuesday that the US will increase tariffs on $200 billion worth of Chinese goods on Friday. The pair tumbled to an intraday low level of 0.6526 – the lowest since Nov. 1, albeit managed to find some support at lower levels amid initial signs of stability in the financial markets – as depicted by a positive opening in the European equity markets. This coupled with a modest US Dollar pullback extended some additional support and contributed to the pair’s rebound of around 70-75 pips from daily lows. It, however, remains to be seen if the recovery is backed by any genuine buying or is solely led by some short-covering as investors still await fresh updates from the next round of trade negotiations between the world’s two largest economies. There aren’t any major market moving US economic releases due on Wednesday and hence, the incoming trade-related headlines might play a key role in producing some meaningful trading opportunities. Technical levels to watch FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next EUR/GBP firmer, approaches 0.8600 on Sterling weakness FX Street 3 years "¢ RBNZ cuts rates to historic low and prompts some aggressive selling. "¢ Renewed US-China trade tensions added to intense bearish pressure. "¢ A modest USD pullback helped recover the lost ground to yearly lows. The NZD/USD pair has managed to recover a major part of its post-RBNZ slump to seven-month lows and is currently placed at the top end of its daily trading range, just below the 0.6600 handle. The pair came under some intense selling pressure on Wednesday and added to this week's bearish gap opening/the overnight modest downtick after the Reserve… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk.2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk.3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk.4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk.5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.