New Zealand dollar falls on RBNZ decision

New Zealand dollar fell today after the Reserve Bank of New Zealand's surprise decision to cut interest rates, to face the economic slowdown signs.

Based on the impact of the US-China trade war, many global central banks, including RBNZ, are moving towards further interest rates cuts.

The Reserve Bank of New Zealand cut interest rates by 50 basis points to 1.00% from 1.50% beating market's expectations of 1.25%.

President Trump repeated his criticism of the Federal Bank, while demanding a bigger and quicker cut for interest rates similar to other global banks.

While markets are speculating that the US would target the Chinese tech giant Huawei again in the the next round of the trade war.

As of 16:11 GMT, NZD/USD rose by 1.1% to 0.646, with a high of $0.6558 and a low of $0.638.