NZ dollar falls after RBNZ unexpectedly sticks to rate track view

Thu, 11 May 2017

By Paul McBeth May 11 (BusinessDesk) - The New Zealand dollar dropped after the Reserve Bank surprised investors by keeping its interest rate track unchanged, despite recent data showing a spike in inflation and a strong labour market. The kiwi fell to 68.34 US cents as at 5pm in Wellington from 69.34 cents at 8am and 69.01 cents yesterday. The trade-weighted index declined to 74.74 from 75.40 yesterday. RBNZ governor Graeme Wheeler kept the official cash rate at 1.75 percent and stuck to his view that the rate doesn't need to move u...

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