NZ dollar hits four-month high after Larry Summers exits race for Fed chair

Mon, 16 Sep 2013

By Paul McBeth Sept. 16 (BusinessDesk) – The New Zealand dollar rose to a four-month high in local trading after former US Treasury secretary Larry Summers pulled out of the race to head the US Federal Reserve, ahead of the first expected tapering of the US central bank’s stimulus later this week. The kiwi rose as high as 82.27 US cents, trading at 81.88 cents at 5pm in Wellington from 81.34 cents at 8am and 81.24 cents on Friday in New York. The trade-weighted index advanced to 76.66 from 76.35 last week. Summers withdrew from the contest...

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