The Reserve Bank has cut the Official Cash Rate by 25 basis points to 3 per cent this morning Most economists expected a cut of 25 basis points to 3 per cent, though others said the headwinds facing the New Zealand economy required be a larger cut - possibly down to 2.75 per cent. The New Zealand dollar fell along with other commodity currencies ahead of the expected interest rate cut. The kiwi dropped to 65.82 US cents at 8am in Wellington, from 66.16 cents at 5pm yesterday. The trade-weighted index declined to 69.99 from 70.20 yesterday. The Bank of New Zealand's head of research Stephen Toplis said there were huge ... (full story)