N.Z. Dollar Drops After Data Shows Slowest Inflation Since 1999
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New Zealand’s dollar fell against all of its major peers after data showed inflation slowed to the weakest pace in more than 12 years, boosting speculation that the country’s Reserve Bank will cut interest rates.
The Australian dollar maintained a gain from yesterday even after minutes of the nation’s central bank meeting this month showed officials saw scope to lower borrowing costs further to bolster an economy facing slower growth. The South Pacific nations’ currencies were supported as Asian stocks advanced, boosting demand for higher-yielding assets.