NZ dollar sinks to 69 US cents in face of 'perfect storm' of Fed about to hike, weaker NZ outlook

Thu, 09 Mar 2017

By Jonathan Underhill March 9 (BusinessDesk) - The New Zealand dollar traded at about 69 US cents, having dropped more than 6 percent in the past four weeks on expectations the Federal Reserve will start hiking interest rates next week while the Reserve Bank will keep its official cash rate at a record low for the foreseeable future. The kiwi fell to 69 US cents as at 5pm in Wellington from 69.63 cents late yesterday and down from as high as 73.74 cents on Feb. 7. The trade-weighted index declined to 75.90 from 76.18 yesterday. Market...

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