NZ dollar trades at 3-week low as central bank seen with room to cut rates

Sun, 11 Nov 2012

Nov. 12 (BusinessDesk) - The New Zealand dollar traded near a three-week low amid speculation a weak jobs market gives the Reserve Bank more room to cut interest rates to stoke the economy, eroding the yields available in the local currency. The kiwi dollar fell to 81.39 US cents from 81.45 cents in late New York trading on Friday. The trade-weighted index was at 72.96 from 72.94. Markets are pricing in a 22 percent chance of a cut to the official cash rate at the central bank’s next meeting on Dec. 6, based on the Overnight Interest Swap cu...

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