NZ dollar sinks after RBNZ's Wheeler cuts OCR in effort to head off subdued inflation view

Thu, 10 Mar 2016

By Paul McBeth March 10 (BusinessDesk) - The New Zealand dollar dropped to a week-low against the greenback and a five-and-a-half month low against the Aussie after Reserve Bank governor Graeme Wheeler surprised investors with an early interest rate cut in an effort to head off dwindling inflation expectations. The kiwi fell to 66.30 US cents at 5pm in Wellington from 67.78 cents immediately before the release and 67.26 cents yesterday. It sank to 88.60 Australian cents from 90.14 cents at 9am and 90.59 cents yesterday. RBNZ's Wheele...

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