NZD/USD Drops to 0.8620 after RBNZ Move

The New Zealand dollar skidded to a six-week low on Thursday after the country’s central bank switched to a wait-and-see stance following its fourth straight rate hike, while other major currencies snoozed.

The kiwi dollar dropped nearly a full U.S. cent to as low as $0.8606, touching levels not seen since June 12. In contrast, the euro was stuck at eight-month lows around $1.3461, leaving the dollar index hovering at a six-week peak set on Tuesday.

Against the yen, the U.S. dollar firmed a tad to 101.54, continuing to recover slowly from last Friday’s low of 101.09. The euro was little changed at 136.67, having reached a near six-month trough at 136.41 on Wednesday.

CNBC

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