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NZD USD 200pipsexit

The NZD/USD pair consolidated the post-RBNZ strength to fresh 34-month tops and was seen oscillating in a range around the 0.7370-75 region.

The pair built on its recent positive momentum and gained some follow-through traction for the fifth consecutive session on Wednesday. The kiwi got a goodish lift after the Reserve Bank of New Zealand(RBNZ), as was expected, held its official cash rate at a record low of 0.25%.

The RBNZ also retained its large scale asset purchase (LSAP) programme at NZ$100 billion and showed no rush to remove monetary stimulus. In the accompanying policy statement, the central bank said that monetary stimulus remains necessary to meet its inflation and employment targets.

NZD USD 20210120 11.37

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