NZ dollar takes big drop in May on slowing QE, RBNZ intervention

Fri, 31 May 2013

By Paul McBeth May 31 (BusinessDesk) - The New Zealand dollar is heading for a 5.5 percent slide this month as investors rallied behind the greenback in growing anticipation the US Federal Reserve will start unwinding its asset purchase programme, and after the Reserve Bank signalled a willingness to intervene in foreign exchange markets. On the day, the kiwi increased to 80.75 US cents at 5pm in Wellington from 80.59 cents at 8am and 81.15 cents yesterday. The trade-weighted index fell to 76.01 from 76.41 yesterday, and is facing a 3.4 perc...

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