NZ dollar, swap rates fall as RBNZ statement prompts traders to drop bets on early hike

Wed, 08 Feb 2017

By Jonathan Underhill Feb. 9 (BusinessDesk) - The kiwi dollar shed about half a US cent and swap rates fell after the Reserve Bank added a modest increase to its forecast track for interest rates, prompting traders to drop bets for a rate hike as soon as this year. The kiwi dollar dropped to 72.57 US cents from 73.02 cents immediately before the RBNZ statement and the trade-weighted index fell to 79.03 from 79.49. The two-year swap rate fell 5 basis points to 2.30 percent. The central bank revised up its track for the official cash rat...

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