NZ dollar drops on 'reality check' of grim economic outlook

Thu, 11 Jun 2020

The New Zealand dollar dropped below 65 US cents after pessimistic economic outlooks from the US Federal Reserve and the Organisation for Economic Cooperation and Development brought investors back to earth. The kiwi fell to 64.92 US cents at 5pm in Wellington from 65.28 cents yesterday. The trade-weighted index declined to 71.63 from 71.97 yesterday. Commodity-linked currencies such as the kiwi and Aussie dollars have tracked equity markets higher in recent weeks as investors grew optimistic about the global economy as national lockdowns...

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