NZ dollar slides to 6-week low as RBNZ's Wheeler invokes intervention criteria

Thu, 24 Jul 2014

By Paul McBeth July 24 (BusinessDesk) - The New Zealand dollar dropped to a six-week low after Reserve Bank governor Graeme Wheeler explicitly invoked one of the criteria to intervene in currency markets in calling the kiwi's strength "unjustified." The kiwi sank to 85.83 US cents at 5pm in Wellington from 87.02 cents immediately before the RBNZ release, and 86.81 cents yesterday. The trade-weighted index dropped to 87.07 from 80.82 yesterday. Wheeler raised the official cash rate a quarter-point to 3.5 percent and indicated the RBNZ...

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