NZ dollar heads for 1.8% weekly drop on political uncertainty, stronger greenback

Fri, 29 Sep 2017

By Rebecca Howard Sept. 29 (BusinessDesk) - The New Zealand dollar is heading for a 1.8 percent weekly decline amid domestic political uncertainty and a stronger US dollar as investors price in a greater chance of a US rate hike December. The kiwi was trading at 72.10 US cents as at 5pm in Wellington from 71.92 cents late yesterday and from 73.39 a week ago. The trade-weighted index rose to 76.11 from 76.03 yesterday. The greenback is benefiting as Fed funds futures now imply around a 73 percent chance of a Fed rate hike at the Dec. 12...

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