MIDDAY UPDATE: RBNZ surprises with cut to rates, dollar tumbles

Thu, 11 Jun 2015

June 11 (BusinessDesk) - The Reserve Bank surprised parts of the market this morning and sent the dollar tumbling when it cut the benchmark rate a quarter-point and signalled more may be on the way as the dairy sector's weak outlook weighed on the nation's terms of trade and threatened to delay an increase in inflation from its near-zero level. Governor Graeme Wheeler lowered the official cash rate to 3.25 percent, in a closely watched decision where markets were largely split on whether he would cut rates now or later, with just six of 16 e...

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