Kiwi ignores RBNZ jawboning on 'over-valued' currency

Wed, 30 Jan 2013

Jan. 31 (BusinessDesk) – The New Zealand dollar rose after Reserve Bank of New Zealand (RBNZ) held the official cash rate at 2.5 percent even though the central bank said the currency is overvalued. The kiwi rose 83.40 US cents from 83.11 cents just before the review and 83.71 cents at 5pm on Wednesday. It had fallen overnight to 82.99 cents when global sentiment took a hit from news the US economy contracted in the fourth quarter for the first time since 2009, and the S&P 500 slipped from a five-year high. In leaving the official cash rate...

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