NZ dollar drops to 4-year low, swap rates fall after central bank shifts into neutral

Wed, 28 Jan 2015

By Jonathan Underhill Jan. 29 (BusinessDesk) - The New Zealand dollar tumbled to the lowest in almost four years and swap rates fell after the Reserve Bank dropped its tightening bias, saying it could raise or cut interest rates depending on the flow of economic data. The kiwi fell as low as 73.21 US cents from 74.23 cents immediately before the central bank's statement at 9am. It dropped to a seven-week low of 92.50 Australian cents from 93.39 cents. The two-year swap rate declined 7 basis points to 3.55 percent as traders increased bet...

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