NZ dollar gains after RBNZ's trims OCR, drops intervention criteria

Thu, 23 Jul 2015

By Paul McBeth July 23 (BusinessDesk) - The New Zealand dollar gained after the Reserve Bank cut the official cash rate by a quarter-point and called for a weaker currency, while dropping a reference to criteria justifying intervention. The kiwi rose to 66.28 US cents at 5pm in Wellington from 65.78 cents immediately before the release, and 66.16 cents yesterday. The trade-weighted index advanced to 70.49 from 70.20 yesterday. RBNZ governor Graeme Wheeler cut the OCR 25 basis points to 3 percent on the prospect of slowing growth and lo...

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