WELLINGTON, July 24 (Reuters) - New Zealand's central bank cut interest rates by a quarter point to 8 percent on Thursday and said it was likely to lower them further amid slowing growth, sending the currency sharply lower.

WELLINGTON, July 24 (Reuters) - New Zealand's central bank cut interest rates for the first time in five years on Thursday, and said further reductions were likely to counter a rapidly slowing economy, sending the currency sharply lower.

Retail spending in the UK is anticipated to have contracted 2.6 percent during June, following a 3.5 percent gain during the month prior, which happened to be the largest rise since 1979. However, according to the Bank of England's meeting minutes...

The US dollar hit a 3 week high against the Japanese Yen.

For the first time in 5 years, the Reserve Bank of New Zealand cut interest rates by 25bp to 8 percent and signaled that rates will be cut even further.

The surprisingly hawkish Bank of England minutes drove the British pound higher against all of the major currencies.

Although dollar strength is the primary reason why the Euro is trading close to a 2 week low, it is starting to become very hard for Euro traders to escape the reality that the Eurozone economy is deteriorating.

- Will the US Dollar Continue to Rally? - Euro Could Come Under Further Pressure on German IFO Report