Markets fall as covid case found

Tue, 17 Aug 2021

Investors sold the New Zealand dollar and bought government bonds as a community case of covid-19 cast doubt over whether the Reserve Bank of New Zealand will still hike rates. Only hours ago, financial markets were fully pricing in a 25 basis point rate hike with a non-zero chance of a 50 basis points increase. Westpac Bank’s head of NZ strategy, Imre Speizer said just this morning the kiwi dollar would “probably fall” if the RBNZ voiced concerns about covid variant risks. This theory was put to the test much...

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