NZ dollar plunges nearly 1% as RBNZ slashes interest rates by massive 50 bps

New Zealand's central bank slashed its benchmark rate by an aggressive 50 basis points on Wednesday, surprising some in the markets as policymakers signalled concerns about the frail state of the economy and kept the door open for further easing. The New Zealand dollar and interest rate swaps tumbled in the wake of the move that took the official cash rate to 2.5%. The New Zealand Dollar plunged sharply and is down nearly 1% after the decision. The NZD/USD pair currently trades at 0.5745, down 0.97% on the day.

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