RBNZ hikes OCR to 3.5%, says ‘period of assessment’ now needed; dollar tumbles

Wed, 23 Jul 2014

By Jonathan Underhill July 24 (BusinessDesk) - Reserve Bank governor Graeme Wheeler raised the official cash rate as expected, while signalling a pause in rate hikes to assess the impact of moves so far this year. The kiwi dollar sank after Wheeler said its strength was “unjustified” and that the currency could have “a significant fall.” “Encouragingly, the economy appears to be adjusting to the monetary policy tightening that has taken place since the start of the year,” Wheeler said in a statement in Wellington. “It is prudent that the...

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