MARKET CLOSE: Less gloomy outlook boosts kiwi; NZ shares rise

Wed, 16 Sep 2020

The New Zealand dollar was stronger as local investors were buoyed by a less pessimistic outlook for the labour market in the Treasury's pre-election forecasts. The pre-election economic and fiscal update showed a less severe hit to the economy from the covid-19 pandemic in the short-term, although it projected a slower recovery in coming years. “The market appears to have fixated itself on the reduced unemployment rate forecast in that release,” said Mike Shirley, a senior trader at Kiwibank. “From a market perspective that is a n...

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