RBNZ says rate cut seems likely as strong kiwi softens inflation outlook

Wed, 20 Jul 2016

By Paul McBeth July 21 (BusinessDesk) - The Reserve Bank will likely cut interest rates further as a persistently strong kiwi dollar makes it difficult for the bank to meet its inflation target, it said. The local currency fell. In an out-of-schedule economic update, the Reserve Bank said it's struggling to meet its inflation objective of keeping the annual consumers price index between 1 percent and 3 percent with the New Zealand dollar 6 percent above expectations on a trade-weighted basis. The kiwi dropped to 69.89 US cents from 70.18...

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