NZ dollar falls as govt move on housing market seen to free up RBNZ for rate cuts

Sun, 17 May 2015

By Tina Morrison May 18 (BusinessDesk) - The New Zealand dollar fell after the government stepped up measures to curb Auckland's bubbling housing market, stoking speculation the move would free up the Reserve Bank to reduce interest rates. The kiwi dropped to 74.26 US cents at 8am in Wellington, from 74.72 cents at the New York close and 74.74 cents at 5pm in Wellington on Friday. The trade-weighted index declined to 76.20 from 76.63 on Friday. The government announced at the weekend that it will give the Inland Revenue Department an e...

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