NZ dollar tumbles after dovish MPS, hint at policy response to high currency

NZ dollar tumbles after dovish MPS, hint at policy response to high currency
March 14 (BusinessDesk) – The New Zealand dollar tumbled almost 1 US cents after the Reserve Bank said interest rates will remain at a record low through this year and hinted at a cut to the official cash rate if the currency was higher than justified by economic fundamentals. The kiwi fell to 81.66 US cents from 82.60 cents immediately before the statement. The trade-weighted index fell to 75.43 from 76.21. The kiwi fell to 79.32 Australian cents from 80.15 cents. Governor Graeme Wheeler raised his forecast track for the TWI and now sees it...