Forex News NZD/USD trapped in tight range ahead of RBNZ's rate decision Thursday, says Sue Trinh, currency strategist at RBC Capital Markets; pair last at 0.7611 vs 0.7607 early in NZ. Says NZD also being held up by weak USD; tips short-term range of 0.7600-0.7630. But Kiwi likely to lose ground fast after RBNZ decision; is expecting rate cut "which is likely to see Kiwi tumbling toward that 0.7500 figure." Notes downside risk even if RBNZ stands pat as statement would be "sufficiently dovish and flag a September cut."
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