The Reserve Bank has confirmed it intervened in foreign exchange markets in an attempt to push the currency lower without giving any details on the size of its action, having already given a serve to the counter-balancing strength in the housing market earlier today. "That intervention will not materially change the level of the exchange rate but could take potentially the tops off rallies," governor Graeme Wheeler told Parliament's finance and expenditure select committee. "In terms of activity, there's been an intervention." The kiwi sank to 83.63 US cents from 84.48 cents before the comments were telegraphed at ... (full story)