NZ dollar gains on commodity pickup; swap rates fall ahead of OCR review

Tue, 09 Aug 2016

By Jonathan Underhill Aug. 9 (BusinessDesk) - The New Zealand dollar gained as optimism about stronger prices for commodities ranging from crude oil to milk powder lifted commodity-linked currencies, while two-year swaps fell to a new low in the run-up to Thursday's Reserve Bank review. The local currency rose to 71.29 US cents as at 5pm in Wellington from 71.11 cents late yesterday. The trade-weighted index advanced to 75.82 from 75.61 yesterday. September whole milk powder futures on the NZX have soared 19 percent since July 19 and...

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