NZ dollar rises after Orr talks up the economy

Fri, 23 Aug 2019

By Jenny Ruth Aug. 23 (BusinessDesk) - The New Zealand dollar rose after Reserve Bank governor Adrian Orr painted a rosy picture of the local economy and described the 50 basis point cut in the official cash rate earlier this month as “a pre-emptive double cut” to reduce the need to cut more later. The kiwi was trading at 63.86 US cents at 5:05pm in Wellington from 63.65 at 8am. The trade-weighted index was at 71.22 points from 70.93. “Everyone is telling us we need to be lower, everyone is telling us global growth is slowing” so the m...

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