NZ dollar drops below 70 US cents after Reserve Bank flags rate cuts

Thu, 21 Jul 2016

By Edwin Mitson July 21 (BusinessDesk) - The New Zealand dollar fell dropped below 70 US cents and weakened against most all the major currencies following a Reserve Bank update that signalled further interest rate cuts are looming. The kiwi traded at 69.88 US cents at 5pm in Wellington, up from 70.56 late yesterday. The Trade Weighted Index fell to 74.97 from 75.68 yesterday. The RBNZ today said "further easing is likely", with the currency 6 percent above forecasts in its June monetary policy statement forecasts on a trade-weighted b...

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