NZ dollar drops as Fed pares future rate hike projections; GDP looms

Wed, 19 Dec 2018

By Paul McBeth Dec. 20 (BusinessDesk) - The New Zealand dollar dropped about a quarter of a US cent after the Federal Reserve raised interest rates and signalled a slightly slower pace of increases next year. The kiwi fell to 68.28 US cents as at 8am in Wellington, from 68.52 cents immediately before the Fed announcement and down from 68.64 cents yesterday. The trade-weighted index declined to 74.67 from 74.92 yesterday. The Federal Open Market Committee lifted the federal funds rate to a band of 2.25-2.5 percent, in line with expect...

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