NZ dollar climbs to four-year high vs. Aust after RBA cuts rates

Tue, 07 May 2013

By Paul McBeth May 7 (BusinessDesk) - The New Zealand dollar climbed to its highest level against its trans-Tasman counterpart after the Reserve Bank of Australia unexpectedly cut interest rates to help stoke flagging economic growth. The kiwi climbed as high as 83.50 Australian cents, trading at 83.37 cents at 5pm in Wellington from 83.08 cents yesterday. It fell to 84.94 US cents at 5pm from 85.23 cents at 8am and 85.47 cents yesterday. The RBA cut the target cash rate a quarter point to 2.75 percent after its board decided to use some o...

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