NZ dollar gains vs. Australian dollar as commodity prices tumble, China equities weigh

NZ dollar gains vs. Australian dollar as commodity prices tumble, China equities weigh
By Paul McBeth July 8 (BusinessDesk) - The New Zealand dollar gained against its trans-Tasman counterpart as falling commodity prices and plunging Chinese stock markets weighed more heavily on Australia. The kiwi rose to 89.59 Australian cents at 5pm in Wellington from 88.97 cents yesterday. The local currency was little changed at 66.41 US cents from 66.52 cents at 8am and down from 66.61 cents yesterday. China iron ore futures fell more than 8 percent, reaching a record low on the Dalian Commodity Exchange, eroding profitability for...