NZ dollar plunges on report of low inflation

Fri, 18 Jan 2013

Jan 18 (BusinessDesk) - The New Zealand dollar shed more than half a US cent on weaker than expected consumer price index (CPI) data on Friday. The kiwi fell about 60 basis points to 83.46 US cents but recovered to be 83.54 cents at 5pm. That compared to 84.10 cents at 8am and 83.93 US cents at 5pm on Thursday. The trigger was news that the CPI fell 0.2 percent in the December quarter when the market consensus was for a 0.1 percent rise. “Financial markets seemed to react to the fact that annual inflation was outside the Reserve Bank of New...

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