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Central bank talk: New Zealand surprises, Korea holds rates

Mar. 10, 2016 2:50 AM ETEWY, KEF, KF, ENZL, FKO, KORU, DXKW, DBKO, HKOR, QKOR, HEWYBy: Yoel Minkoff, SA News Editor
  • An unexpected rate cut by New Zealand's central bank (by 25 bps to 2.25%) triggered a big slide in the kiwi today and sparked talk of a global currency war as countries look to revitalize their economies in a world of slow growth.
  • The move follows the BOJ's historic decision in January to adopt negative interest rates and comes ahead of the ECB's policy review where it is expected to cut rates deeper into minus territory.
  • Meanwhile, South Korea's won weakened slightly after the Bank of Korea opted to keep its benchmark interest rate unchanged at 1.5%, although that decision was mostly anticipated.
  • ETFs: EWY, ENZL, KF, KEF, KORU, DXKW, HKOR, FKO, DBKO, QKOR, HEWY

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