NZ dollar weakens as investors pull back bets on interest rate hikes

Thu, 29 May 2014

By Tina Morrison May. 30 (BusinessDesk) - The New Zealand dollar fell as investors pulled back their expectations for future interest rate hikes as they weigh weaker commodity prices and a slide in business confidence. The kiwi dropped to 84.71 US cents at 8am in Wellington, from 84.80 cents at 5pm yesterday. It touched a low of 84.49 US cents, a level not seen since March 12, before the central bank started hiking interest rates on March 13. The trade-weighted index slipped to 79.07 from 79.18 yesterday. New Zealand's Reserve Bank has...

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