NZ dollar drops as June rate-cut bets fade, RBA to stick with inflation target

Tue, 24 May 2016

By Jonathan Underhill May 24 (BusinessDesk) - The New Zealand dollar fell on speculation the Reserve Bank will refrain from cutting interest rates in June while comments from Australia's central bank that it will retain its inflation targets dragged the kiwi down with the Aussie dollar. The kiwi fell to 67.19 US cents as at 5pm in Wellington, from 67.94 cents yesterday. The trade-weighted index declined to 72.48 from 73.08 yesterday. Traders are pricing just a 15 percent chance that RBNZ governor Graeme Wheeler will cut the official c...

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