NZ dollar gains ahead of OCR review, rises vs. pound on UK recession

Wed, 25 Jul 2012

July 26 (BusinessDesk) - The New Zealand dollar rose against the greenback ahead of the central bank’s review of interest rates and strengthened against the pound after figures showed a deeper than expected UK recession. The kiwi dollar rose to 78.88 US cents from 78.31 cents at 5pm yesterday. The local dollar gained to 50.87 British pence from 50.45 pence. The kiwi dollar benefitted from a slight improvement in risk appetite overnight after European Central Bank council member Ewald Nowotny argued the region’s rescue fund should get a banki...

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