NZ dollar gains as Yellen testimony leaves open prospect for lower rates

Wed, 25 Feb 2015

By Paul McBeth Feb. 25 (BusinessDesk) - The New Zealand dollar gained after testimony by Federal Reserve chair Janet Yellen left open the prospect for low interest rates to remain in place for a few more months in the US, while better than expected Chinese manufacturing data stoked demand for the Australasian currencies. The kiwi rose to 75.26 US cent at 5pm in Wellington from 74.66 US cents at 8am and 74.75 cents yesterday. The trade-weighted index advanced to 77.93 from 77.70 yesterday. Yellen told a US congressional committee it can...

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