New Zealand’s dollar surged as much as 1.4 percent after a central bank decision to leave its key interest rate unchanged surprised some traders, forcing them to close bets on currency declines. Swaps traders saw a 35 percent chance of a cut before the meeting, a Credit Suisse Group AG index showed. The chart uses one standard deviation to calculate the upper and lower bounds of the kiwi’s response to the Reserve Bank of New Zealand’s past nine decisions.

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