NZ dollar gains vs. British pound as lower BoE wage forecast pulls back rate bets

Wed, 13 Aug 2014

By Tina Morrison Aug. 14 (BusinessDesk) - The New Zealand dollar rose to a three-week high against the British pound after the Bank of England lowered its estimate for wage growth, prompting investors to push out expectations for higher interest rates. The kiwi touched 50.72 British pence overnight and was trading at 50.66 pence at 8am in Wellington, from 50.13 pence at 5pm yesterday. The local currency advanced to 84.56 US cents from 84.26 cents yesterday. Sterling tumbled after the BoE cut its estimate for 2014 wage growth in its qua...

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