Kiwi Tumbles as RBNZ Refers to Possible Intervention

        18:22 EDT - The New Zealand dollar slips as RBNZ Governor Graeme Wheeler attempts to jawbone the currency lower in a speech to dairy farmers. Wheeler says the Kiwi is overvalued and if the "currency remains high in the face of worsening fundamentals, such as a continued weakening in export prices, it would become more opportune for the Reserve Bank to intervene in the currency market to sell NZ dollars." He also underscored that the high dollar--along with new economic data--will be a factor in the central bank's assessment of the extent and speed with which the official cash rate needs to be raised. NZD/USD at 0.8717, from 0.8742 before the speech. (rebecca.howard@wsj.com; @FarroHoward)
        (END) Dow Jones Newswires

        May 06, 2014 18:22 ET (22:22 GMT)