NZ dollar slumps near 2 1/2 year low as RBNZ outlook focuses on slowing growth

Thu, 09 Aug 2018

By Paul McBeth Aug. 10 (BusinessDesk) - The New Zealand dollar dropped near a two-and-a-half year low as Reserve Bank governor Adrian Orr pushed out a projected rate hike for another year, putting sluggish growth ahead of emerging inflation. The kiwi fell as low as 66.10 US cents, its weakest since March 2016, and traded at 66.13 cents as at 8am in Wellington from 66.73 cents yesterday. The trade-weighted index sank to 71.37 from 71.80 yesterday. The RBNZ kept the official cash rate at 1.75 percent, as expected, but pushed out foreca...

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