Kiwi slides as RBNZ cuts OCR to boost demand

Graeme Wheeler

The New Zealand dollar fell to its lowest level against the US dollar for almost five years today (June 11), after the central bank cut its official cash rate by 25 basis points to 3.25% and warned further easing was likely to follow.

The drop in the currency comes after Reserve Bank of New Zealand (RBNZ) governor Graeme Wheeler insisted it was overvalued and a "further significant downward adjustment" would be "justified". The kiwi quickly dropped to 0.70 against the dollar.

Wheeler began

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