NZ dollar heads for 2.4% weekly drop as Fed eyes rate hikes, questions loom over local economy

Fri, 29 May 2015

By Paul McBeth May 29 (BusinessDesk) - The New Zealand dollar is heading for a 2.4 percent weekly drop against the greenback as comments by Federal Reserve officials revive expectations the world's biggest central bank will hike interest rates this year, while investors grow wary about the local outlook. The kiwi sank to 71.32 US cents at 5pm in Wellington from 73.11 cents on Friday in New York last week. It traded at 71.74 cents at 8am and 72.42 cents yesterday. The trade-weighted index declined to 74.83 from 75.92 yesterday, and is head...

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