Pursuits
N.Z. Central Bank Governor Out-Boxed in Heavyweight Currency Clash
- Currency market asks ‘is that all you’ve got,’ says Attrill
- ‘These are just phenomenal circumstances we’re operating in’
Kiwi Soars After New Zealand Cuts Rates to Record Low
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Graeme Wheeler could be forgiven for throwing in the towel when it comes to weakening the kiwi dollar.
New Zealand’s central bank chief faced the galling sight Thursday of the currency surging 1 percent to a one-year high immediately after he cut his benchmark interest rate by a quarter point to 2 percent, a fresh record low. The market had wanted more than Wheeler was prepared to give -- either a half-point rate reduction or a signal of much deeper cuts ahead. To some, it looked like a boxing match with a clear loser.