Drought fears keep market reaction to strong GDP muted

Thu, 21 Mar 2013

By Paul McBeth March 21 (BusinessDesk) - The impact of the worst drought in New Zealand's North Island for almost seven decades kept investors nervous after government figures showed the economy grew at its fastest quarterly pace in three years in the last three months of last year. The New Zealand dollar gained about half a US cent, recently trading at 82.59 US cents, while swap rates rose about 5 basis points, with the two-year swap rate recently at 2.895 percent. Those gains came after figures showed gross domestic product expanded 1.5...

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