Kiwi dollar shrugs off Bank of Canada's rate cut

The New Zealand dollar is still at a three-month high. (Image: Getty)

Fri, 07 Jun 2024

A rate cut at the Bank of Canada may have kicked off hopes for a global loosening cycle but the kiwi dollar is holding strong, as New Zealand looks set to be an outlier. The New Zealand dollar continues to hover around a three-month high, trading at 62.03 US cents late on Thursday in Wellington. The Bank of Canada (BoC) cut rates by 25 basis points to 4.75% overnight on Wednesday and said “monetary policy no longer needs to be as restrictive”. Further easing is expected, with BoC governor Tim Macklem stating i...

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