NZ dollar drops to 5-month low as Nats lose two seats, Fed hike odds rise

Sun, 08 Oct 2017

By Jonathan Underhill Oct. 9 (BusinessDesk) - The New Zealand dollar fell to a five-month low after the National Party lost two seats after special votes were counted while market bets on a Federal Reserve rate hike in the US increased. The kiwi fell to 70.53 US cents as at 8am in Wellington from 70.92 cents in New York on Friday. The trade-weighted index declined to 74.71 from 75.11. The kiwi dropped as traders reacted to the potential for a change of government to one that may be less market-friendly after Labour and the Greens both...

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