NZ dollar gains vs. euro on subdued outlook for European economy

Wed, 07 Nov 2012

Nov. 8 (BusinessDesk) – The New Zealand dollar advanced against the euro after the European Commission slashed its growth forecasts and retail sales across the region fell. The kiwi gave up its gains against the greenback as stocks tumbled. The currency traded at 82.57 US cents from 82.54 cents at 5pm in Wellington yesterday. It rose above 83 cents overnight. The kiwi rose to 64.66 euro cents from 64.31 cents. The European Commission slashed its forecast for growth in the 17-nation economy to just 0.1 percent in 2013, from a May prediction o...

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