NZ dollar slips as investors beef up rate cut expectations

By Rebecca Howard | Thu, 07 Nov 2019


The New Zealand dollar fell as expectations increased that the Reserve Bank will move to cut rates next week. The kiwi was trading at 63.47 US cents at 5pm in Wellington versus 63.66 cents at 8am. The trade-weighted index was at 70.02 from 70.17. Market pricing shifted from a 50 percent chance of a rate cut to a 70 percent chance after data yesterday showed the seasonally adjusted unemployment rate rose to 4.2 percent in the three months ended Sep. 30, from 3.9 percent in the June quarter. Since yesterday’s unemployment data “the marke...