NZ dollar gains as BOJ inaction weighs on greenback, RBNZ rate cut case weakens

Thu, 28 Apr 2016

The New Zealand dollar rose after the Bank of Japan's decision not to expand its stimulus measures drove up the yen against the greenback and left traders who were long US dollars looking for other currencies to transact with. The kiwi rose to 69.54 US cents as at 8am in Wellington, from 69.33 cents late yesterday. It surged after 9am yesterday, when the Reserve Bank of New Zealand kept the official cash rate unchanged and made what some traders read as a less emphatic statement about the need to cut interest rates. The local currency fell t...

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