RBNZ's Wheeler quashes hopes for a rate cut, sending kiwi higher

Wed, 24 Oct 2012

By Paul McBeth Oct. 25 (BusinessDesk) - The New Zealand dollar climbed more than half a US cent after Reserve Bank governor Graeme Wheeler gave no indication he's leaning towards lower interest rates in his debut review of monetary policy. Wheeler kept the official cash rate on hold at 2.5 percent, saying the level was appropriate "for now" and citing tepid inflation as something he's keeping close tabs on. The kiwi climbed to 82 US cents from 81.38 cents immediately before the release after markets betting on a rate cut or looking for a b...

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