NZ dollar has brief flurry above 79 US cts in short market

Thu, 02 Oct 2014

By Paul McBeth Oct. 2 (BusinessDesk) - The New Zealand dollar had a brief spurt above 79 US cents as traders took advantage of a short, meaning over-sold, market to push the local currency around after its sustained drop over the past three months. The local currency rose as high as 79.25 US cents, trading at 78.88 cents at 5pm from 78.01 cents at 8am and 77.77 cents yesterday. The trade-weighted index rose to 76.75 from 76.13 yesterday. The kiwi dollar has slumped as much as 13 percent from a peak in July as New Zealand's economic gro...

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