BUSINESS BREAKDOWN: Kiwi heading lower

Thu, 18 Jun 2015

By Tina Morrison June 19 (BusinessDesk) - The New Zealand dollar has taken a hammering over the last week or so and was saved from further downward pressure overnight only by the fact that the US dollar has also fallen out of favour. The kiwi took a big step down on Thursday last week when the Reserve Bank cut the benchmark interest rate by a quarter point to 3.25 percent, surprising some in the market who didn't expect a reduction just yet. It took a further hit yesterday after first-quarter GDP missed expectations. Normally the curre...

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