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NZ dollar down, visitor numbers up – Connected?

New Zealand dollarThe New Zealand dollar reached a four-year low on increased thinking that the Reserve Bank would cut interest rates, the bank governor Graeme Wheeler said that inflation will stay low for longer and rates could go either way.

New Zealand dollarThe New Zealand dollar reached a four-year low on increased thinking that the Reserve Bank would cut interest rates, the bank governor Graeme Wheeler said that inflation will stay low for longer and rates could go either way.

The kiwi touched 72.28 US cents, its lowest level since March 2011. The kiwi has made ‘a dramatic plunge’, said Peter Cavanaugh, client adviser at Bancorp Treasury Services. “It’s an overreaction because all he is done is move to a neutral stance. But the market has moved to an easing bias.” Cavanagh added.

The dollar’s decline has positvely contributed to the number of people visiting New Zealand hitting a new record high. The official figures show that visitor arrivals to New Zealand are up 5% in December 2014 (402,500), compared with December 2013, hitting their highest ever monthly level.

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