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New Zealand dollar drops after central bank cuts interest rate by 50 bps

BY Reuters | ECONOMIC | 10/08/24 09:15 PM EDT

SINGAPORE, Oct 9 (Reuters) - The New Zealand dollar fell on Wednesday after the country's central bank cut its cash rate by 50 basis points to 4.75% and said it assesses that annual consumer price inflation is within its 1% to 3% inflation target range.

The kiwi was last down 0.54% at $0.6103 after the policy decision that was in line with market pricing and most economists' expectations. (Reporting by Ankur Banerjee in Singapore; Editing by Christopher Cushing)

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In general the bond market is volatile, and fixed income securities carry interest rate risk. (As interest rates rise, bond prices usually fall, and vice versa. This effect is usually more pronounced for longer-term securities.) Fixed income securities also carry inflation risk and credit and default risks for both issuers and counterparties. Unlike individual bonds, most bond funds do not have a maturity date, so avoiding losses caused by price volatility by holding them until maturity is not possible.

Lower-quality debt securities generally offer higher yields, but also involve greater risk of default or price changes due to potential changes in the credit quality of the issuer. Any fixed income security sold or redeemed prior to maturity may be subject to loss.

Before investing, consider the funds' investment objectives, risks, charges, and expenses. Contact Fidelity for a prospectus or, if available, a summary prospectus containing this information. Read it carefully.

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