NZ dollar drops to 2-month low on outlook for interest rate cuts

Wed, 20 May 2015

By Tina Morrison May 21 (BusinessDesk) - The New Zealand dollar fell to a two-month low as expectations of interest rate cuts weighed on the currency. The kiwi touched 72.77 US cents this morning, and was trading at 73.15 cents at 8am in Wellington, from 73.60 cents at 5pm yesterday. The trade-weighted index declined to 75.82 from 76.20 yesterday. The TWI, the broad measure of the currency favoured by the Reserve Bank, has declined 3.9 percent this year as the bank took interest rate hikes off the table, increased steps to try and curb...

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