Dollar falls to year-low on lower dairy payout
The dollar declined on concern about slowing growth in China and after Fonterra cut its forecast payout to farmers.
The dollar declined on concern about slowing growth in China and after Fonterra cut its forecast payout to farmers.
The NZ dollar gained after the incumbent National Party's election victory, instilling confidence in the administration's ability to continue pursuing its policy programme.
The dollar advanced after the incumbent National Party won an outright election victory at the weekend, reassuring investors that current economic policies would continue.
The Kiwi dollar dropped to a seven-month low after the US Fed raised its expectation for the level of interest rates by the end of next year.
An Auckland man had the equivalent of NZ$136,452 in Chinese Yuan seized by Customs when he tried to take the cash out of New Zealand without declaring it.
The dollar held below 82 US cents overnight after the Reserve Bank yesterday reiterated that is too high and signalled interest rates would remain on hold.
In an effort to lower rates and weaken the currency, Labour is pledging to broaden the RBNZ's policy goal by re-writing its main objective.
Interest rates have been held at 3.5pc as Graeme Wheeler signals he won't be as aggressive with future hikes.
The NZ dollar declined as investors gain confidence about a recovery in the US economy, increasing demand for the US dollar.
The NZ dollar rose to a six-week high against the euro after the European Central Bank unexpectedly cut its three key interest rates.
New Zealand's terms of trade held at a 40-year high in the second quarter, as a high New Zealand dollar pushed down the price of imports, offsetting a decline in exports.