NZ dollar heads for 1.7% fall on prospect of further rate cuts

Fri, 11 Mar 2016

By Paul McBeth March 11 (BusinessDesk) - The New Zealand dollar is heading for a 1.7 percent drop against the greenback after Reserve Bank governor Graeme Wheeler surprised markets yesterday with an early interest rate cut and indicated more were to come. The kiwi fell to 66.93 US cents at 5pm in Wellington from 68.12 cents on Friday in New York last week. It traded at 66.76 cents at 8am and 66.32 cents yesterday. The trade-weighted index was at 71.59 from 71.27 yesterday, and is heading for a 1.7 percent decline on the week. A Busin...

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