NZ dollar drops after RBNZ's Wheeler reiterates kiwi 'unjustified and unsustainable'

Wed, 13 May 2015

May 13 (BusinessDesk) - The New Zealand dollar weakened after Reserve Bank governor Graeme Wheeler reiterated that he still considered the currency "unjustified and unsustainable", key criteria for intervention. The kiwi fell as low as 73.61 US cents from 74.03 cents before Wheeler's comments to Parliament's finance and expenditure select committee. The local currency had climbed from 73.54 US cents at 9am after Wheeler omitted previous reference to its level being unjustified during the release of the bank's six-monthly Financial Stability...

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