NZ dollar jumps above 87 US cents after Fed lowers growth outlook

Wed, 18 Jun 2014

By Tina Morrison June 19 (BusinessDesk) - The New Zealand dollar jumped above 87 US cents after the Federal Reserve lowered its US growth and long-term interest rate projections, damping demand for the greenback. The kiwi spiked from 86.77 US cents immediately before the Federal Open Market Committee's statement at 6am New Zealand time to trade at 87.23 cents at 8am, from 86.58 cents at 5pm yesterday. The trade-weighted index surged to a record 81.27 from 80.82 yesterday. The FOMC, following its regular two-day meeting, cut its forecas...

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