NZ dollar drops after Wheeler says level 'unjustified and unsustainable'

Thu, 25 Sep 2014

By Jonathan Underhill Sept. 25 (BusinessDesk) - The New Zealand dollar tumbled more than half a US cent after Reserve Bank governor Graeme Wheeler invoked two of the conditions for the bank to intervene in currency markets, saying its strength was "unjustified and unsustainable" given the decline in commodity prices. Wheeler repeated the words he used in the July 24 official cash rate review in a statement titled: 'New Zealand's Exchange Rate: Why the Reserve Bank believes its level is unjustified and unsustainable.' "We expect a signi...

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