Wednesday 13th May 2015 |
Text too small? |
The New Zealand dollar weakened after Reserve Bank governor Graeme Wheeler reiterated that he still considered the currency "unjustified and unsustainable", key criteria for intervention.
The kiwi fell as low as 73.61 US cents from 74.03 cents before Wheeler's comments to Parliament's finance and expenditure select committee. The local currency had climbed from 73.54 US cents at 9am after Wheeler omitted previous reference to its level being unjustified during the release of the bank's six monthly Financial Stability Report. It was recently trading at 73.72 US cents.
"We still think the exchange rate is unjustified and unsustainable" even after a 5 percent decline on a trade weighted basis over the last three weeks and a 7 percent to 8 percent decline against the Aussie, Wheeler told the committee. "We'd like to see more movement downward in the exchange rate."
BusinessDesk.co.nz
No comments yet
GTK - Half-Year Results Announcement Date
Government ends war on farming
Sky and BBC Studios renew expanded, multi-year agreement
AOF - Q1 Improved Trading Performance & FY24 Guidance Maintained
Devon Funds Morning Note - 23 April 2024
April 23rd Morning Report
RYM - Group CEO Update
BGI - Director Michael Chai
RAD - Final Dividend and Strong FY24 Operating Performance
RYM - Group CEO Update