NZ dollar drops below 71 US cts as RBNZ's McDermott keeps rate cut plan intact

Tue, 11 Oct 2016

By Paul McBeth Oct. 11 (BusinessDesk) - The New Zealand dollar fell below 71 US cents for the first time in two months as Reserve Bank assistant governor John McDermott reaffirmed the bank's intention to cut interest rates further. The kiwi dropped to 70.69 US cents at 5pm in Wellington from 71.26 cents at 8am and 71.53 cents yesterday. The trade-weighted index fell to 75.86 from 76.47 yesterday. The RBNZ anticipates it will need to make monetary policy looser to try and stir inflation, which will remain subdued in the near term, McD...

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