Ariana Gifford didn’t think things could get much worse when the Christchurch quake traumatized her children and smashed possessions. Three years on, she’s struggling to make ends meet after a 30 percent jump in rent.
Retailers in the U.S. struggled to increase sales in February as a second month of frigid temperatures and snowstorms kept many Americans closer to home, economists predict a Commerce Department report will show.
Record payments to dairy farmers and a China-led trade turnaround added to evidence New Zealand will outpace developed-world peers this year, cementing bets the central bank will raise interest rates in two weeks.
Australia’s dollar fell, paring its first five-day gain in three weeks, while the New Zealand kiwi slid after the central bank governor said the currency’s level is a headwind for growth and unsustainable in the long run.
New Zealand’s central bank said it intends to start raising borrowing costs “soon” as the economy strengthens. The currency fell as markets had priced in about a 50 percent chance of a rate increase today.
Reserve Bank of New Zealand Governor Graeme Wheeler reiterated he intends to start raising interest rates soon to contain inflation and said he’ll have more information to assess the economy’s outlook in March.