
Dollar falls amid rate hike jitters
New Zealand dollar drops after US Federal Reserve talked up the chances of US rate hike.
New Zealand dollar drops after US Federal Reserve talked up the chances of US rate hike.
Let's take a deep breath: It shouldn't matter that much whether the Federal decides this week to raise interest rates by 25 basis points, or possibly even less.
Our economy grew - but less than expected in the second quarter of the year, as agriculture and mining recovered.
Most economists expect the bank to now retain an easing bias, with some tipping the rate to drop to 2 per cent.
The kiwi dollar has fallen by a full US cent this morning after the Reserve Bank cut the official cash rates to 2.75pc.
The New Zealand dollar has advanced ahead of the Reserve Bank's official cash rate announcement this morning.
Global equity markets gained and commodity markets rallied overnight, triggered in part by a late surge in Chinese equities.
Shares on both sides of the Atlantic moved higher overnight, triggered in part by a late surge in Chinese equities.
The mortgage rate war is heating up ahead of a widely tipped rates cut on Thursday, with ASB now matching the 4.35pc rate BNZ unveiled last week.
Traders have put 78 per cent odds of Reserve Bank governor Graeme Wheeler cutting the official cash rate.
The NZ dollar declined after US labour market data left open the possibility of US interest rate hikes this month.
Prices of onion - a staple in diets of India nationals - have almost doubled since July, leading to a series of widely-reported heists in recent weeks.
BNZ reduces one-year fixed rate to 4.35 per cent ahead of Reserve Bank's expected announcement that OCR will be cut.
Barfoot & Thompson blames fall in Auckland market on winter weather, the Reserve Bank and international economic instability.
US economic data has kept alive expectations the Federal Reserve may hike interest rates this month.
Wall Street rose overnight, recovering part of the previous day's selloff as investors found value in some shares.
The NZX 50 closed down 1.2 per cent at 5590.2 yesterday following a plunge on Wall Street overnight that saw the S&P 500 index fall almost 3 per cent.
NZ shares are being pummelled this morning after Wall St fell on renewed China fears.
The dollar fell after weak Chinese factory data yesterday raised concerns about a slowdown in Asia's largest economy.
Wall St followed the slide of equities in Europe and Asia overnight, amid mounting fears about the slowing pace of Chinese growth.