NZ dollar hits lowest in almost 5 years

Mon, 01 Jun 2015

By Tina Morrison June 2 (BusinessDesk) - The New Zealand dollar hit its lowest level in almost five years over the long weekend as traders favour the greenback amid growing expectations that the Reserve Bank will cut interest rates next week while the US Federal Reserve moves towards rate hikes. The kiwi touched 70.65 US cents in an illiquid market during the Queens Birthday public holiday yesterday, its lowest level since August 2010. It was trading at 70.83 US cents at 8am in Wellington, from 71.02 cents at 5pm yesterday, 71 cents at th...

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