NZ dollar gains on Aussie as RBA hikes rate

The NZ dollar traded at 58.50 US cents at 5.15pm in Wellington, up from 58.19 cents yesterday. (Image: Getty)

Tue, 01 Nov 2022

The kiwi dollar rose against its Aussie counterpart after the Australian central bank rate hike preserved most of New Zealand’s interest rate advantage.The NZ dollar rose as high as 91.01 cents after the Reserve Bank of Australia (RBA) hiked its cash rate by 25 basis points to 2.95%, more than half a percentage point lower than New Zealand’s 3.5% official cash rate.The NZ dollar traded at 58.50 US cents at 5.15pm in Wellington, from 58.19 cents yesterday.Electus Financial director Mike Houlahan said the move was widely expected beca...

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