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NZ dollar slides after RBNZ warns on currency strength
May 6, 2014 / 9:52 PM / 3 years ago

NZ dollar slides after RBNZ warns on currency strength

WELLINGTON, May 7 (Reuters) - The New Zealand dollar fell on Wednesday after the Reserve Bank of New Zealand said that it may act in the currency market to lower the domestic currency if weaker economic fundamentals did not justify ongoing strength in the currency.

The kiwi fell to $0.8712 after RBNZ Governor Graeme Wheeler, speaking in Hamilton in country’s dairy heartland, added that a strong currency would be a factor in assessing the central bank’s monetary tightening path.

The New Zealand dollar pulled back from a 2 1/2-year high of $0.8779 hit in offshore trade, and fell across the board, paring back recent gains against the Australian dollar, the euro and other currencies.

Reporting by Naomi Tajitsu; Editing by Chris Reese

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