WELLINGTON, Jan. 23 (Xinhua) -- A hefty emergency rate cut by the U.S. Federal Reserve helped snap a record 14-session losing streak on the New Zealand share market Wednesday but the rally lacked conviction.

    Sellers dumped stocks again in a late flurry and the New Zealand dollar shed much of its overnight gains. The benchmark share index, which has shed 10 percent this year and 16 percent in three months, rose just 0.2 percent.

    The New Zealand Reserve Bank is scheduled to announce its regular six weekly interest rate review on Thursday morning but no one is predicting governor Alan Bollard to move on rates.

    ANZ Bank chief economist Cameron Bagrie said Bollard would continue to wave a big stick because inflation is running at 3.2 percent, above the bank's 1-3 percent target.

    If the Fed cut again and Bollard hiked rates again as Westpac Bank has forecast, that would see the kiwi dollar back over 0.8 U.S. dollar and revitalize the so-called carry trade, where investors borrow in low interest rate regimes and lend where rates are high.

    Finance Minister Michael Cullen and Prime Minister Helen Clark tried to soothe investor fears by saying the economy was stronger than most to withstand market volatility. But inevitably it would have some effect.