I've found the NZD historically has a tendancy to lead the world up and down where interest rates are concerned. Maybe because it wakes up first in the morning and goes to bed first at night !! I've studied currency movements since 1980's and this is not a stupid idea but one based on reality. Really, why it happens, is strange but watch the rest of the majors follow suit. ie USD, GBP, EURO and of course the AUD. It's not an overnight thing but maybe something physcological, I don't really know. Time will tell if this is another happening. When rates fall in NZ then I'd expect rates to stabilise and then follow down later in the other currencies. Watch those 5 and 10 yr rates.
The NZD took a big stride ahead of the AUD over the past year or so and has now slowed down.
