Kiwi up as NZ rate cut falls below expectations
Add BT as a preferred sourceLondon
THE New Zealand dollar surged to its highest in more than a year on Thursday after its central bank made a smaller interest rate cut than some had expected, driving investors to trim bearish bets made on hopes of more aggressive easing.
The Reserve Bank of New Zealand said a strong kiwi was driving it to cut rates and that it saw potential for one more reduction by year-end and another by mid-2017. Traders said that was too slow relative to expectations with some going into Thursday's meeting expecting a 50 basis point cut.
TRENDING NOW
Singtel Q1 gain drops 71% to S$818 million in absence of Airtel stake sale; weaker Singapore business
Sembcorp raises interim dividend despite 72% H1 profit slide to S$150 million on Alinta deal costs
How BYD disrupted Singapore’s car market – and why the strategy is turning on itself
CDL H1 profit jumps three times to S$301 million on strong condo sales, doubles interim dividend
