NZ dollar jumps almost one US cent following Fed hike

US monetary policy drives currencies around. (Image: Getty)

Thu, 02 Feb 2023

The New Zealand dollar jumped one cent over the day, following the US Federal Reserve announcing an expected 25 basis point rate hike.The S&P/NZX 50 index rose 61.2 points, or 0.5%, to 12,152.16. Across the main board, 56 stocks fell and 78 rose. Turnover was $158.4 million.Devon Funds' head of retail, Greg Smith, said both NZ’s currency and the domestic market had responded well to the Fed’s announcement, with the market finishing the day up 0.5% and the kiwi dollar up by almost a cent.The NZ dollar was at 65.27 US cents at...

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