Shares down & dollar up as market predicts rate hike

Fri, 10 Sep 2021

New Zealand benchmark equity index declined 1.5% this week after its third consecutive fall today, while the kiwi dollar rallied on a possible cash rate hike next month. The S&P/NZX 50 Index fell 31 points, or 0.3%, to 13,064.39. Turnover was $165 million.Meanwhile, the kiwi dollar climbed back to 71 US cents as the market priced in an official cash rate slightly above 0.5% in October.BNZ’s Nick Smyth said this implied the market thinks it is more likely the Reserve Bank of New Zealand will hike the official cash rate 50 basis po...

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