NZ dollar extends decline on Fed's plans for faster US rate hikes

Thu, 15 Dec 2016

By Jonathan Underhill Dec. 16 (BusinessDesk) - The New Zealand dollar extended its decline after this week's Federal Reserve decision to hike interest rates and project further increases in 2017. The kiwi dollar dropped to 70.36 US cents as at 8am in Wellington from 71 cents late yesterday. The trade-weighted index fell to 78.13 from 78.55. The Fed raised the target federal funds rate by 25 basis points to between 0.50 percent and 0.75 percent, as expected, but also signalled three further increases in 2017 when the market was expectin...

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