NZ dollar tanks after RBNZ slashes rates to fire economy

Wed, 07 Aug 2019

By Jenny Ruth Aug. 7 (BusinessDesk) - The New Zealand dollar tanked after the Reserve Bank surprised the market by cutting its official cash rate by 50 points rather than the 25 points most were expecting. The kiwi was trading at 63.95 US cents at 5pm in Wellington, above the day’s low of 63.76 cents but down from 65.28 cents at 7:55am. The trade-weighted index sank to 71.23 points from 72.53. The central bank's new monetary policy committee cited a softer outlook for employment and inflation, slower economic growth and weaker global c...

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