NZ dollar gains ahead of RBNZ statement seen as kicking off tightening cycle

Tue, 11 Mar 2014

By Paul McBeth March 11 (BusinessDesk) - The New Zealand dollar gained in local trading on expectations the Reserve Bank will hike the official cash rate at this Thursday’s policy review, kicking off a prolonged tightening cycle. The kiwi rose to 84.81 US cents at 5pm in Wellington from 84.64 cents at 8am and 84.61 cents yesterday. The trade-weighted index advanced to 79.50 from 79.19 yesterday. Traders have lifted bets on a rate hike on Thursday, pricing in a 101 percent chance central bank governor Graeme Wheeler will raise the official...

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