Kiwi sinks on RBNZ intervention, PM's 'Goldilocks' comment

Mon, 29 Sep 2014

By Paul McBeth Sept. 29 (BusinessDesk) - The New Zealand dollar dropped to a 13-month low after figures confirmed the Reserve Bank intervened in foreign exchange markets last month in a bid to reinforce its downward trajectory, and after Prime Minister John Key said he'd prefer a weaker currency and picked 65 US cents as "Goldilocks" level - neither too high nor too low. The kiwi fell as low as 77.07 US cents, the lowest since Aug. 5 last year, trading at 77.45 cents at 5pm in Wellington from 78.27 cents immediately before the release. Th...

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