NZ dollar jumps to 16-month high on gain in dairy prices, weak US data

NZ dollar jumps to 16-month high on gain in dairy prices, weak US data
Jonathan Underhill
By Jonathan Underhill Sept. 7 (BusinessDesk) - The New Zealand dollar surged to a 16-month high after prices rose at the latest GlobaldairyTrade auction and data showed growth in the US services sector was weaker than expected. The kiwi rose to 74.12 US cents as at 8am in Wellington from 73.16 cents late yesterday. The trade-weighted index climbed to 78.38 from 77.77, to be well above the 76 average level the Reserve Bank has projected for the third quarter. The GDT price index climbed 7.7 percent at the latest dairy products auction,...