NZ dollar pushes higher; Powell testimony adds to US rate-cut expectations

Wed, 10 Jul 2019

By Rebecca Howard July 11 (BusinessDesk) - The New Zealand dollar rose after US Federal Reserve chair Jerome Powell put a steep US rate cut back on the table. The kiwi was trading at 66.41 US cents at 8am in Wellington from 65.97 cents at 5pm. The trade-weighted index was at 72.71 versus 72.45. Powell told the US House Financial Services Committee that "uncertainties around trade tensions and concerns about the strength of the global economy continue to weigh on the US economic outlook." In his half-yearly testimony, he also underscore...

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