NZ dollar, swap rates fall as market sees room for two RBNZ rate cuts

Tue, 19 Jul 2016

By Jonathan Underhill July 19 (BusinessDesk) - The New Zealand dollar dropped and swap rates fell to record lows after the Reserve Bank announced plans to extend restrictions on mortgage lending, stoking speculation it may have room to cut interest rates twice in the next eight months. The kiwi fell to 70.27 US cents from 71.14 cents immediately before the RBNZ release and from 70.93 cents yesterday. The two-year swap rate fell about 6.5 basis points to 2.05 percent and has declined almost 80 basis points this year, according to Reuters d...

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