NZ dollar rides optimism on unproven covid-19 treatment

Thu, 30 Apr 2020

The New Zealand dollar rode a wave of optimism about a still-unproven covid-19 treatment which has been driving equities markets higher. At the same time, the market has been ignoring worse than expected US March-quarter GDP data and a downbeat economic assessment from the Federal Reserve. The kiwi was trading at 61.44 US cents at 5pm in Wellington from 60.93 cents at the same time yesterday. The trade-weighted index was at 69.11 from 68.78. Biopharmaceutical company Gilead has been talking up Remdesivir, a drug which proved ineffectiv...

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