New Zealand dollar hits two-month low

WELLINGTON, Oct. 16 (Xinhua) — New Zealand dollar dropped to 0.6041 U.S. dollar on Wednesday, which was the lowest since Aug. 19.
The New Zealand dollar is slightly weaker earlier Wednesday against the U.S. dollar, currently trading at 0.6064 U.S. dollar at the time of writing.
The decrease was attributed to the stronger U.S. dollar with a prospect of aggressive interest rate cuts in the United States.
Domestically, New Zealand’s annual inflation increased 2.2 percent in the third quarter, following a 3.3 percent annual increase in the second quarter of this year, the lowest since March 2021, according to the new government statistics.
The New Zealand central bank reduced monetary restraint on Oct. 9 by cutting its Official Cash Rate by 50 basis points to 4.75 percent, the lowest in 18 months. ■