NZ dollar gains as Wheeler signals end to stimulus as housing heat spreads

Wed, 24 Jul 2013

By Jonathan Underhill July 25 (BusinessDesk) – The New Zealand dollar gained after the Reserve Bank said it will need to remove monetary stimulus as heat in the housing and construction sector spills over into the broader economy and stokes inflation. The kiwi dollar climbed to 79.75 US cents after governor Graeme Wheeler’s statement, from 79.30 cents immediately before. The trade-weighted index rose to 75.51 from 75.17 and the kiwi advanced to 86.91 Australian cents from 86.52 cents. “Growth in the New Zealand economy is picking up and, al...

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