Kiwi dollar, swap rates tumble as Wheeler wrong-foots market with OCR cut

Wed, 09 Mar 2016

March 10 (BusinessDesk) - The New Zealand dollar fell almost 1 1/2 US cents and swap rates tumbled after Reserve Bank governor Graeme Wheeler surprised financial markets with a cut to the official cash rate and signalled more to come. The kiwi dollar touched 66.38 US cents, the lowest in a week, from 67.78 cents immediately before the 9am release of the monetary policy statement. The trade-weighted index dropped to 71.44 from 72.70. The two-year swap rate fell to 2.25 percent from 2.45 percent. "The trade-weighted exchange rate is more th...

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