NZ dollar holds gains on optimism ECB will act, while RBNZ less dovish

Fri, 27 Jul 2012

By Jonathan Underhill July 27 (BusinessDesk) - The New Zealand dollar held its gains after joining a rally in “risk proxies” such as the kiwi on speculation the European Central Bank may act to bolster the common currency. The local dollar traded at 80.19 US cents, a level it jumped to after ECB President Mario Draghi said his policy makers will do whatever it takes to support the euro, from 79.11 cents the previous day. The trade-weighted index held at 72.35 from 71.84 yesterday. The ECB announces its review of monetary policy next week an...

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