RBNZ's Wheeler comes over all dovish

FXStreet (Guatemala) - RBNZ's Wheeler explained that some further easing was likely while adding that China is the biggest concern to their economy.

These comments come before the next policy decision on the 28th October where a number of analysts are expecting a cut to the OCR of 25bps. Wheeler said a rate cut will depend on emerging flow of economic data.

He also explained that the yuan was key and substantial depreciation of the value would have serious implications for the world economy.

On the back of these comments, NZD/USD dropped 37 pips on a spike on to the downside and printed session lows of 0.6635.