NZ dollar gains as more-cautious Fed prompts clean-out of long greenback positions

Thu, 19 Mar 2015

By Jonathan Underhill March 19 (BusinessDesk) - The New Zealand dollar gained after the Federal Reserve gave a more cautious assessment of the US economy, prompting traders who had been betting on further gains in the greenback to exit their positions. The kiwi traded at 74.62 US cents at 5pm in Wellington, having risen as high as 75.45 US cents after the Fed's statement, from 73.03 cents late yesterday. The trade-weighted index increased to 78.21 from 77.22 yesterday. The US dollar index, which measures the greenback against a basket...

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