NZ dollar tumbles almost 2 US cts after RBNZ cuts rates and signals more to come

Thu, 11 Jun 2015

By Paul McBeth June 11 (BusinessDesk) - The New Zealand dollar dropped almost 2 US cents after the Reserve Bank cut interest rates today and signalled more may be needed to revive a near-stagnant pace of inflation. The kiwi tumbled to 70.19 US cents at 5pm in Wellington from 72.07 cents immediately before the RBNZ statement, and 71.53 cents yesterday. The trade-weighted index sank to 73.12 from 74.72. RBNZ governor Graeme Wheeler cut the official cash rate a quarter-point to 3.25 percent, surprising some investors who had expected th...

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