NZ dollar heads for 11% slump in Sept quarter

Tue, 30 Sep 2014

By Paul McBeth Sept. 30 (BusinessDesk) - The New Zealand dollar is heading for an 11 percent slump in the September quarter as global demand for the greenback has rallied on the prospect of rising US interest rates next year, and as the Reserve Bank of New Zealand confirmed it had been active in the currency market, having jawboned the kiwi since July. The local currency fell to 78 US at 5pm in Wellington from 87.56 cents at the close of trading on June 30, although it had traded lower, reaching 77.69 cents at 8am and 77.45 cents yesterda...

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