NZ dollar drops after report on credit rating; Reserve Bank, Fed meetings loom

Wed, 30 Oct 2013

By Paul McBeth Oct. 30 (BusinessDesk) - The New Zealand dollar dropped in late trading after a Moody’s Investors Service executive discussed stripping the country of its Aaa credit rating, and ahead of the Reserve Bank and Federal Reserve reviews which are both expected to keep monetary policy unchanged. The kiwi dropped to 82.25 US cents at 5pm in Wellington from 82.49 cents at 8am and 82.64 cents yesterday. The trade-weighted index fell to 76.06 from 76.20 yesterday. Moody’s senior vice president Steven Hess told Bloomberg that the rati...

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