NZ dollar heads for 0.8% weekly decline on RBNZ's shock rate cut

NZ dollar heads for 0.8% weekly decline on RBNZ's shock rate cut
Jenny Ruth
By Jenny Ruth Aug. 9 (BusinessDesk) - The New Zealand dollar was little changed as the dust settled from the Reserve Bank’s shock slashing of interest rates earlier this week and investors were unfazed by deputy governor Geoff Bascand’s speech elaborating on the reasoning behind the cut. The kiwi was trading at 64.88 US cents at 5pm in Wellington from 64.81 cents at 8am, down from 65.40 cents in New York last Friday but well above the week’s low of 63.76 cents. The trade-weighted index was at 72.01 points from 71.90. “The market’s just...

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