NZ dollar little changed below 70 US cts after RBNZ signals rate cuts

Thu, 21 Jul 2016

By Paul McBeth July 22 (BusinessDesk) - The New Zealand dollar was little changed below 70 US cents after the Reserve Bank signalled rate cuts were needed to drag down a strong currency which has restricted imported inflation in the economy. The kiwi traded at 69.95 US cents at 8am in Wellington from 69.88 cents late yesterday. The trade-weighted index was almost unchanged at 75 from 74.97. Traders are pricing in about a 94 percent chance governor Graeme Wheeler will cut the official cash rate to 2 percent next month after the Reserv...

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