NZ dollar edges up; shock Fed cut weighs on greenback

NZ dollar edges up; shock Fed cut weighs on greenback
Paul McBeth
The New Zealand dollar edged higher as a surprise interest rate cut by the Federal Reserve weighed on the greenback. The kiwi rose to 62.75 US cents at 5pm in Wellington from 62.66 cents yesterday. The trade-weighted index fell to 69.64 from 69.82. The greenback has dropped 0.9 percent since Fed chair Jerome Powell said on Friday he was ready to act. The Fed then surprised investors overnight when it cut the federal funds rate half a percentage point to a 1 percent to 1.25 percent band to help insulate the world’s biggest economy against...

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