Regional Economic Development Minister Shane Jones accused Fonterra of being disconnected from farmers and called on Chairman John Wilson to resign. The US Federal Reserve raised its key cash rate to around 2.0 percent and signaled two more hikes this year. This if the first time New Zealand's OCR has been below America's official rate.
The two central banks that drive our currency around stood firm today, leaving their official cash rates on hold. In response, the New Zealand dollar rose yet again after a monetary policy decision to over 73.5 USc, further squeezing the Reserve Bank towards another Official Cash Rate cut on November 10.