NZ dollar gains vs. Aust dollar after RBA keeps rates on hold, says its currency too high

Tue, 02 Jul 2013

By Paul McBeth July 2 (BusinessDesk) - The New Zealand dollar gained against its trans-Tasman counterpart after the Reserve Bank of Australia kept rates on hold and said a further depreciation in the Australian currency would spur more rebalancing of economic growth. The kiwi dollar rose as high as 84.98 Australian cents, trading at 84.82 cents 5pm in Wellington from 84.69 cents immediately before the statement and 84.60 cents yesterday. It traded at 77.73 US cents at 5pm from 78.05 cents at 8am and 77.70 cents yesterday. Australia’s centr...

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