NZ dollar gains after weaker US growth damps expectations of tapering

Wed, 26 Jun 2013

By Tina Morrison June 27 (BusinessDesk) – The New Zealand dollar gained after a report showed the US economy grew less than previously estimated in the first quarter, easing speculation the Federal Reserve will start slowing monetary stimulus any time soon. The kiwi rose to 77.91 US cents from 77.35 cents at 5pm in Wellington yesterday. The trade-weighted index increased to 73.60 from 72.98 yesterday. The local currency has shed about 4 percent since Federal Reserve chairman Ben Bernanke said last week that he will start pulling back the cen...

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