NZ dollar gains as traders favour kiwi over Australian dollar on iron ore woes

Wed, 08 Jul 2015

By Tina Morrison July 9 (BusinessDesk) - The New Zealand dollar gained as traders exited the Australian dollar in favour of the kiwi on concern a slump in iron ore prices will weigh heavily on the Australian economy. The kiwi rose to 67.27 US cents at 8am in Wellington, from 66.43 cents at 5pm yesterday. The local currency jumped to 90.69 Australian cents from 89.76 cents yesterday. The trade-weighted index advanced to 71.09 from 70.31 yesterday. Investors are shedding the Australian currency, which touched a six-year low of 73.68 US c...

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