(MENAFN- FxPro) The New Zealand dollar slumped in Asia on Thursday after the central bank, as expected, cut its overnight cash rate by 25 basis points to 2.75%.
NZD/USD traded at 0.6278, down 1.82%. AUD/USD was also weaker at 0.6963, down 0.78%, while USD/JPY was quoted at 120.21, down 0.25%.
The U.S. dollar index, which measures the greenback's strength against a trade-weighted basket of six major currencies, was down 0.14% at 95.83.
Overnight, the dollar pushed higher against against the other major currencies on Wednesday, amid hopes for fresh easing measures by the Bank of China.
Japan's Nikkei posted the largest one day percentage gain in seven years on Wednesday after China's finance ministry said late Tuesday that it would implement fresh measures to stimulate economic growth.
Chinese equities rallied as the announcement alleviated concerns over slowing growth, driving broader gains in regional equity markets and in commodity markets.
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