NZ dollar declines after Reserve Bank’s Wheeler says more intervention possible

Wed, 29 May 2013

By Tina Morrison May 30 (BusinessDesk) – The New Zealand dollar fell after Reserve Bank governor Graeme Wheeler said he may intervene to dampen the currency’s rise because the kiwi is still over-valued. The kiwi was trading at about 81.33 US cents before the 8am speech and recently traded at 80.92 US cents, from 80.68 cents at 5pm yesterday. The central bank is expected this afternoon to detail how much kiwi it sold last month in an attempt to weaken the local currency, which Wheeler said today was significantly overvalued. An easing in hous...

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