Dollar soars as investors price out negative cash rate

Wed, 11 Nov 2020

The New Zealand dollar leapt to a 20-month high as the market reversed its bet the Reserve Bank will cut the official cash rate into negative territory.The kiwi dollar had been trading at 68.30 US cents prior to the RBNZ’s policy statement at 2pm this afternoon, but surged as high as 69.03 cents as investors walked back a prediction the central bank would cut the OCR down the track. At 5pm it was trading at 68.90 US cents.“Given the recent resilience of the domestic economy, we assess that the funding for lending scheme will now pro...

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