NZ dollar drops after Fed signals US economic recovery ahead, driving greenback demand

Wed, 19 Mar 2014

By Tina Morrison March 20 (BusinessDesk) – The New Zealand dollar dropped almost three-quarters of a US cent after the Federal Reserve raised its projections for future US interest rates, signalling it sees recovery ahead for the world’s largest economy and spurring demand for the greenback. The kiwi dropped to 85.51 US cents at 8am, from 86.21 cents immediately before the Fed’s 7am statement, and down from 86.10 cents at 5pm yesterday. The trade-weighted index fell to 80.07 from 80.22 yesterday. The Fed, in its first meeting under new chai...

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