NZ dollar falls on TWI basis as prospects of rate-cut contrast with Fed looking to hike

Mon, 09 May 2016

By Jonathan Underhill May 9 (BusinessDesk) - The New Zealand dollar fell on a trade-weighted basis on expectations weak inflation will prompt the Reserve Bank to cut interest rates in June while the US Federal Reserve has been giving more hints it will hike rates this year. The trade-weighted index fell to 72.78 as at 5pm in Wellington, from 72.91 on Friday. The kiwi traded at 68.41 US cents, from 68.36 cents at the New York close and 68.54 cents on Friday in Asia. The kiwi fell on Friday after the Reserve Bank of Australia lowered its...

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