NZ dollar pares losses as markets bet on global rates going lower

Wed, 07 Aug 2019

By Rebecca Howard Aug. 8 (BusinessDesk) - The New Zealand dollar pared some of yesterday's steep losses as other central banks also cut rates, adding to the view that rates are going lower globally. The kiwi was trading at 64.55 US cents at 7:50 am in Wellington versus 63.95 cents at 5pm in Wellington. The trade-weighted index was at 71.77 points from 71.23. The kiwi tumbled to a low of 63.76 cents yesterday after the Reserve Bank of New Zealand slashed rates by 50 basis points to 1.0 percent, taking markets by surprise. Overnight,...

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