NZ dollar drops 1% as Fed more upbeat about US economy; RBNZ awaited

Wed, 29 Oct 2014

By Tina Morrison Oct. 30 (BusinessDesk) - The New Zealand dollar dropped 1 percent after the Federal Reserve was more upbeat about the outlook for the US economy than expected in its policy statement this morning, strengthening the greenback. The kiwi dropped as low as 78.25 US cents from 79.37 cents immediately before the Fed statement at 7am New Zealand time and from 79.19 cents at 5pm yesterday. It was trading at 78.51 cents at 8am. The trade-weighted index fell to 76.50 from 76.84 yesterday. The US dollar index, which measures the...

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