NZ dollar approaches 89 Australian cents, hits new five year high

Wed, 31 Jul 2013

By Tina Morrison Aug 1 (BusinessDesk) – The New Zealand dollar approached 89 Australian cents this morning as investors favoured the reviving local economy over investment in Australia where the economy is slowing. The kiwi touched a new five-year high of 88.98 Australian cents, and recently traded at 88.87 cents, from 88.30 cents at the 5pm market close in Wellington yesterday. The local currency was little changed at 79.84 US cents from 79.77 cents yesterday. The New Zealand dollar has surged 12 percent against the Australian dollar this y...

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