The dollar edged higher on Wednesday and antipodean currencies beat a hasty retr...
TOKYO - The dollar edged higher on Wednesday and antipodean currencies beat a hasty retreat after the Reserve Bank of New Zealand surprised the markets by opening the door to future monetary policy easing.
The New Zealand dollar tumbled after the central bank kept interest rates at a record low of 1.75 percent and said increased downside risks to its outlook meant the next move in rates was now more likely to be a cut.The Australian dollar retreated in sympathy with its New Zealand peer, shedding 0.4 percent to $0.7106.
The European Central Bank, Reserve Bank of Australia and the Bank of Japan have also taken a dovish tilt this year, while China’s central bank began loosening policy in 2018. An inversion of the U.S. yield curve, which has preceded every U.S. recession over the past 50 years, chilled risk sentiment and triggered a sharp stock selloff last week.The euro lost 0.1 percent to $1.1255, extending overnight losses. The currency has been on shaky ground after Friday’s weaker-than-expected German manufacturing survey raised concerns about Europe’s largest economy.
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