Further New Zealand rate cuts still a possibility
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AMID the recent falling prices in dairy products - New Zealand's main export - and a weakening economic outlook on its home front, the Royal Bank of New Zealand (RBNZ) decided to carry out its third cut to their official cash rates (OCR) within a four month period starting from June 2015.
With this series of cuts, the RBNZ has pared rates down from 3.25 per cent to 2.75 per cent, bringing the New Zealand dollar (NZD) to its lowest against the Singapore dollar (SGD) in these past six years.
The question in the minds of most people now is: is this the bottom or is there a chance of further weakening of the NZD against the SGD?
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