NZ dollar drops as RBNZ's surprise update raises expectations for August rate cut

Thu, 14 Jul 2016

By Paul McBeth July 14 (BusinessDesk) - The New Zealand dollar dropped after the Reserve Bank said it will give its view on the economy next week given the long lead-in time to the next policy review on August 11, raising expectations it may be poised to cut rates next month. The kiwi fell to 72.04 US cents at 5pm in Wellington from 72.68 cents at 8am and 72.58 cents yesterday. The trade-weighted index dropped to 76.81 from 77.44 yesterday. Traders are now pricing in a 60 percent chance of an interest rate cut at next month's monetar...

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