NZ dollar hits 3-month high vs. Aussie as higher rates lure investors

Thu, 19 May 2016

By Tina Morrison May 20 (BusinessDesk) - The New Zealand dollar touched a three-month high against the Australian dollar as investors favoured the higher returns available on this side of the Tasman. The kiwi hit 93.86 Australian cents and was trading at 93.31 cents at 8am in Wellington, from 93.42 cents at 5pm yesterday. The local currency edged up to 67.42 US cents from 67.31 cents. Investors are favouring the kiwi over the Aussie to take advantage of New Zealand’s higher relative interest rates. Australia's central bank cut its benc...

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