NZ dollar gains after US manufacturing unexpectedly contracted last month

Mon, 03 Jun 2013

By Tina Morrison June 4 (BusinessDesk) – The New Zealand dollar gained against the greenback after a report showed US manufacturing unexpectedly contracted in May, denting speculation the Federal Reserve will end stimulus soon. The kiwi rose to 80.98 US cents from 79.63 cents at 5pm yesterday. The trade-weighted index increased to 75.60 from 74.82 on Friday in New York. The US Dollar Index, which measures a basket of currencies against the greenback, dropped after a report showed US manufacturing unexpectedly contracted in May, indicating...

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