NZ dollar drops as commodity currencies fall out of favour; traders eye likely RBNZ cut

Mon, 07 Dec 2015

By Tina Morrison Dec. 8 (BusinessDesk) - The New Zealand dollar fell as a decline in oil prices weighed on commodity-linked currencies and as traders increased their bets for a Reserve Bank interest rate cut this week. The kiwi dropped to 66.44 US cents at 8am in Wellington, from 66.94 cents at 5pm yesterday. The trade-weighted index slid to 72.18 from 72.46 yesterday. Oil prices slumped to their lowest since 2009 after the Organisation of the Petroleum Exporting Countries agreed to keep production high despite depressed demand, stokin...

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