NZ dollar holds up after US Fed's gloomy assessment

Thu, 30 Jul 2020

The New Zealand dollar was steady against the greenback after the US Federal Reserve delivered a gloomy economic assessment and pledged to do all it can to cushion the impact. The kiwi was trading at 66.44 US cents at 5pm in Wellington from 66.50 cents at the same time yesterday while the trade-weighted index was at 72.23 from 72.39. Fed chair Jerome Powell said the US was suffering the most severe economic downturn "in our lifetime" and that "we're not even thinking about thinking about thinking about raising rates." Powell also noted...

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