The NZD/USD pair came under heavy selling pressure on Wednesday, breaking beneath the 0.5600 level during the Asian session as sellers targeted the monthly low in the wake of the latest Reserve Bank of New Zealand (RBNZ) policy announcement. At the conclusion of its October meeting, the RBNZ opted to keep the Official Cash Rate (OCR) unchanged, surprising markets that had broadly anticipated a 25 basis points increase. The decision weighed sharply on the New Zealand Dollar, amplifying downside pressure on NZD/USD. In addition to the RBNZ shock, firm demand for the US Dollar provided another headwind for the pair.
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