NZ dollar gains as oil hits 6-month highs, lifting commodity linked currencies

Mon, 16 May 2016

By Tina Morrison May 17 (BusinessDesk) - The New Zealand dollar gained as oil prices hit six-month highs, lifting currencies linked to commodity production, while the US dollar weakened. The kiwi increased to 67.87 US cents at 8am in Wellington, from 67.71 cents at 5pm yesterday. The trade-weighted index advanced to 72.71 from 72.55. Oil prices rose amid supply disruptions from Nigeria, Venezuela, and Canada, declining US production, and after Goldman Sachs turned more positive on the market. That buoyed broader commodity markets, push...

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