NZ dollar gains vs Australian currency as local economy races away

Thu, 21 Jun 2012

By Paul McBeth June 21 (BusinessDesk) - The New Zealand dollar rose against its Australian counterpart after figures showed the economy grew at its fastest quarterly pace in five years in the first three months of the year. The kiwi rose to a seven-week high of 78.42 Australian cents at 5pm from 78.04 cents yesterday, and gained to 79.68 US cents from 79.49 cents yesterday. The currency rose above 80 US cents for the time since May 4. Government figures showed New Zealand's gross domestic product grew 1.1 percent in the three months ended...

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