NZ dollar gains as China mulls tax rebate for local steel sector; Fed, ECB meetings loom

Tue, 31 Jul 2012

By Paul McBeth July 31 (BusinessDesk) - The New Zealand dollar rose in local trading as investors gained confidence from the prospect China may invigorate its domestic steel industry with a tax rebate, ahead of two key central bank meetings on either side of the Atlantic. The local currency rose to 80.99 US cents at 5pm in Wellington from 80.85 cents at 8am and 80.74 cents yesterday. The trade-weighted index edged up to 72.93 from 72.83. The kiwi is poised for a 1.1 percent monthly gain against the greenback and on the TWI. China's Ministr...

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