NZ dollar gains after retail sales beats expectations

Thu, 14 Aug 2014

By Paul McBeth Aug. 14 (BusinessDesk) - The New Zealand dollar gained after government figures showed better-than-expected consumer spending in the second quarter, stoking optimism about the strength of the local economy. The kiwi rose as high as 84.88 US cents, trading at 84.70 cents at 5pm in Wellington from 84.56 cents at 8am and 84.26 cents yesterday. The trade-weighted index advanced to 79.51 from 79.06. New Zealand's volume of retail sales rose a seasonally adjusted 1.2 percent in the three months ended June 30, beating expectati...

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