RESEND: NZ dollar drops 1 US cent as traders bet on currency's decline after RBNZ rate cut

Wed, 09 Sep 2015

(fixes garble in first paragraph) By Tina Morrison Sept. 10 (BusinessDesk) - The New Zealand dollar dropped 1 US cent after traders reinstated so-called 'short' positions, betting on the currency's decline after the Reserve Bank cut the official cash rate and signalled at least one further reduction in borrowing costs. The kiwi fell as low as 62.72 US cents from 63.85 cents immediately before the Reserve Bank's 9am monetary policy statement, and was recently trading at 62.92 cents. Speculative traders had pushed up the currency ahea...

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