NZ dollar jumps after Reserve Bank raises rates, keeps future hikes intact

Wed, 11 Jun 2014

By Tina Morrison June 12 (BusinessDesk) - The New Zealand dollar jumped three quarters of a US cent after the Reserve Bank raised its benchmark interest rate today and signalled rates would continue to rise broadly as it outlined in March, surprising some traders who had expected it to pull back its future track to reflect weaker commodity prices. The kiwi touched a three-week high of 86.27 US cents, from 85.50 cents immediately before the Reserve Bank's 9am monetary policy statement. The local currency was recently trading at 86.10 US ce...

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