Kiwi Dollar Surges as Wheeler Signals RBNZ Rate Cuts May Be Done

The New Zealand dollar jumped after the central bank cut its benchmark interest rate to a record and said it expects that level should be low enough to meet its inflation target.

The kiwi rose to 67.30 U.S. cents at 9:35 a.m. Wellington time Thursday, up 1.2 percent from before the Reserve Bank of New Zealand announcement. The bank cut the Official Cash Rate to 2.5 percent from 2.75 percent, as forecast by 15 of the 18 economists surveyed by Bloomberg.