NZD review

Western Union notes:

New Zealand's currency has fallen today to the lowest level in nearly five years. The kiwi dollar crashed nearly three percent on the session, on pace for its worst day in four years, after the nation's central bank moved sooner than many had expected to embarking on a rate cutting campaign. 

The Reserve Bank lopped 25 basis points off its official cash rate, lowering it to 3.25 percent. The RBNZ also signaled that it may need to cut rates further, a dovish outlook that vastly differs from the rate hike-leaning U.S. Fed. 

The kiwi's nosedive also drove the Aussie lower which didn't rally much from an otherwise spectacular jobs report that showed the unemployment fell to a 1-year low of 6 percent.