NZ dollar heads for 2% decline on TWI basis after RBNZ cuts rates

Fri, 12 Jun 2015

By Paul McBeth June 12 (BusinessDesk) - The New Zealand dollar is heading for a 2 percent weekly decline on a trade-weighted basis after the Reserve Bank surprised some investors with a rate cut yesterday, citing a deteriorating terms of trade on falling dairy prices and a recovery in oil prices. The trade-weighted index, a measure of the kiwi against a basket of currencies, fell to 73.16 at 5pm in Wellington from 74.66 on Friday in New York last week, and is little changed from 73.12 yesterday. The kiwi traded at 70.07 US cents from 70.1...

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