Kiwi, stocks bounce back from Fed scare

Fri, 25 Jun 2021

The New Zealand dollar and local stock market bounced back from last week’s losses as investors’ fears interest rates might be on the rise were soothed by calming words from the Federal Reserve.The kiwi rose for a fourth day to trade at 70.71 US cents at 3pm in Wellington from 70.50 cents yesterday and 70.05 cents last week, while the S&P/NZX 50 Index advanced 39.2 points, or 0.3% to 12,626.09, up about 0.6% from last week.Equity markets and risk-sensitive currencies such as the kiwi were sold off sharply last week when stronger...

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