NZ dollar gains after PM Key says kiwi falls faster than expected, traders weigh looming rate cut

Mon, 20 Jul 2015

By Paul McBeth July 20 (BusinessDesk) - The New Zealand dollar spiked higher after Prime Minister John Key said the kiwi had fallen faster than expected, and as investors weigh up how sharply the Reserve Bank will cut interest rates to prop up the country's ailing dairy sector, when it reviews policy on Thursday. The kiwi rose to 65.62 US cents at 5pm in Wellington from 65.15 cents at 8am and 65.11 cents on Friday in New York. The trade-weighted index gained to 69.85 from 69.36 last week. Key told reporters at his weekly post-Cabinet p...

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