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Interest rates are likely to plunge much lower as the Reserve Bank’s commitment to weakening the dollar is tested.
On Thursday Reserve Bank governor Graeme Wheeler is seen as all but certain to lower the benchmark official cash rate (OCR), with the only remaining doubt being how far he will cut it.
All of New Zealand’s major banks predict the OCR will be dropped by 25 basis points to 2 per cent, a fresh all-time low, but some commentators see at least a small chance that Wheeler would try to surprise currency traders with a 50 basis point cut.
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