NZ dollar holds gain after Yellen's caution dials back rate hike expectations

Wed, 30 Mar 2016

By Paul McBeth March 30 (BusinessDesk) - The New Zealand dollar held gains in local trading after a cautious speech by Federal Reserve chair Janet Yellen prompted investors to scale back their expectations for future interest rate increases in the US. The kiwi traded at 68.44 US cents at 5pm in Wellington from 68.57 cents at 8am, up from 67.50 cents yesterday. The trade-weighted rose to 72.52 from 71.96 yesterday. The greenback dropped after Yellen was more circumspect about the prospect of raising the federal funds rate than other F...

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