NZ dollar tumbles as Fed raises rates, projects faster pace of increases

Wed, 14 Dec 2016

By Jonathan Underhill Dec. 15 (BusinessDesk) - The New Zealand dollar fell after the Federal Reserve raised its benchmark interest rate and signalled a faster pace of hikes in 2017 to allow for a bigger-spending Trump administration. The kiwi dollar dropped to 71.46 US cents as at 8am in Wellington from 72.15 cents late yesterday. The trade-weighted index fell to 78.76 from 79.18. The Fed raised the target federal funds rate by 25 basis points to between 0.50 percent and 0.75 percent, as expected, but also signalled three further incr...

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