NZ dollar heads for 1.5% weekly fall on RBNZ signals; FOMC looms

Fri, 22 Jul 2016

By Jonathan Underhill July 22 (BusinessDesk) - The New Zealand dollar is heading for a 1.5 percent weekly decline against the greenback, reflecting the Reserve Bank's signal that it needs to cut interest rates to drive down the currency and stoke inflation. The kiwi traded at 70.03 US cents at 5pm in Wellington, from 69.88 cents late yesterday and down from 71.09 cents a week ago. The trade-weighted index was at 75.06, little changed from 74.97 yesterday and down from 76.01 a week ago. Traders are pricing in an 89.6 percent chance that...

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