Graeme Wheeler

: The local currency fell from an overnight high of nearly 70.7 US cents back to 69.8 US cents on the news, signalling currency traders believe the move also makes further rate cuts in Australia more likely, according to Australian Broadcasting Corporation. It was a mixed night for global markets, as Wall Street retreated but European stocks continued their recent run of gains. The Reserve Bank of New Zealand announced the move this morning, taking the country official rate to 2.75 per cent. "At this stage, some further easing in the official cash rate seems likely," the central bank governor Graeme Wheeler said in a statement on the decision. Markets initially rose in New York but the mood turned on investor fears that a hike in US interest rates could be just a week away. The catalyst was data indicating the number of available jobs in the US surged to a record high in July. The Dow Jones Industrial Average closed down 239 points or nearly 1.5 per cent at 16,254, while the broader S&P 500 fell 1.4 per cent to 1,942. (news.financializer.com). As reported in the news.