NZ dollar drops almost a cent after Reserve Bank holds off on raising rates

Wed, 29 Jan 2014

By Tina Morrison Jan 30 (BusinessDesk) - The New Zealand dollar dropped almost a cent after the Reserve Bank decided not to raise interest rates at its review today, disappointing some investors who had bet on a hike. The kiwi dropped as low as 81.70 US cents from 82.65 cents immediately before the 9am announcement. It recently traded at 82.02 cents. Reserve Bank governor Graeme Wheeler kept the official cash rate at 2.5 percent, but said the rate would have to rise “soon” as inflationary pressures escalate in an economy with “considerable m...

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