Monday was an interesting day for the New Zealand dollar as it crept to near three month highs against the US dollar, despite the release of a less than impressive inflation report which showed that New Zealand’s Consumer Price Index had dropped 0.3% in the first quarter – a slight larger downturn than expected. However, with the US currency remaining steady, the New Zealand dollar was able to hold its strong position and start the week well.
The People’s Bank of China cut its reserve requirement by a full percentage point to 18.5% from 19.5%, the second cut in two months; this added more liquidity to the world’s second-biggest economy in order to help spur bank lending.
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