NZ dollar treads water as US stock rally runs out of puff

Thu, 04 Jun 2020

The New Zealand dollar held its gains but came off its highs as the rally in US equities markets appeared to run out of puff. The kiwi was trading at 64.17 US cents at 5pm in Wellington, off the high at 64.45 cents early this morning but little changed from 64.10 cents at the same time yesterday. The trade-weighted index was at 71.36 from 71.14. "Sometimes the market just needs to correct – it's gone up too far too fast," said Philip Poppe, a director at Forex. The currency fell below 60 US cents in mid-May. US equities futures eased a...

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