NZ dollar heads for 2.1% weekly gain as traders see dwindling chance of rate cut

Fri, 03 Jun 2016

By Paul McBeth June 3 (BusinessDesk) - The New Zealand dollar is heading for a 2.1 percent weekly gain against the greenback as traders dial back their expectations for another rate cut by the Reserve Bank. The kiwi rose to 68.29 US cents at 5pm in Wellington from 66.91 cents on Friday in New York last week. It was up from 67.98 cents at 8am and 68.15 cents yesterday. The trade-weighted index advanced to 73.62 from 73.45 yesterday and is heading for a 1.5 percent gain over the week. New Zealand's Reserve Bank is expected to keep the...

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