NZ dollar gains as economic growth reduces prospects of rate cut

Thu, 16 Jun 2016

By Jonathan Underhill June 16 (BusinessDesk) - The New Zealand dollar gained after figures showed the economy grew faster than the Reserve Bank had forecast in the first quarter, giving it less reason to cut interest rates again. The kiwi dollar traded at 70.78 US cents as at 5pm in Wellington from 70.39 cents immediately before the gross domestic product report and from 70.19 cents late yesterday. The trade-weighted index rose to 75.47 from 75.13 yesterday. The local currency rose after figures showed the economy grew 0.7 percent in t...

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