NZD/USD drops below 0.64 on dovish comments by RBNZ's Orr

• NZD/USD sell-off continues with RBNZ's Orr keeping the doors open for further easing. 
• RBNZ cut rates by 50 basis points to a new record low of 1% earlier today.

Another wave of selling hit the NZD/USD market soon before press time, pushing the currency pair to a fresh session low of 0.6377.

The offered tone around the NZD strengthened as the Reserve Bank of New Zealand's (RBNZ) Governor Orr said that today's 50 basis point rate cut does not rule out further action. Essentially, Governor Orr kept the doors open for further easing in the near future. 

In fact, the likes of Westpac, one of the big four Australian banks, is now forecasting a 25 basis point rate cut in November. 

The markets, therefore, are unlikely to put a bid under the NZD in the near future, unless the US and China reach a breakthrough trade deal. That, however, is unlikely to happen any time soon. 

The RBNZ cut rates by 50 basis points to 1% earlier today. The markets were expecting the central bank to reduce the official cash rate by 25 basis points. 

The NZD nosedived across the board on RBNZ's bigger-than-expected rate cut, pushing gold above NZ $2,300 for the first time since 2011. The NZD/USD pair fell from 0.6548 to 0.6420 following RBNZ's rate decision at 02:00 GMT. 

Pivot levels