NZ dollar treads water after rate cut turmoil

NZ dollar treads water after rate cut turmoil
Jenny Ruth
By Jenny Ruth Aug. 8 (BusinessDesk) - The New Zealand dollar was little changed as the market absorbed the turmoil created in recent days by better-than-expected jobs data and the Reserve Bank’s surprise 50 basis point cut in its official cash rate. The kiwi was trading at 64.56 US cents at 5pm in Wellington from 64.55 cents at 7:50am. It has fallen from 65.28 cents ahead of the jobs data on Tuesday and from 65.44 cents just before yesterday's rate cut announcement. The trade-weighted index was at 71.71 points from 71.77. “I would desc...

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