NZ dollar jumps to 80 US cents as GDP expands at twice expected pace

Wed, 20 Jun 2012

By Hannah Lynch June 21 (BusinessDesk) - The New Zealand dollar rose above 80 US cents for the first time since May 2 after gross domestic product expanded at twice the expected pace in the first quarter. The kiwi dollar climbed as high as 80.06 US cents from 79.55 cents immediately before the figures were released. The kiwi was recently at 80.01 cents. The local economy grew at its fastest quarterly pace in five years as good weather lifted milk production that led to greater dairy manufacturing. Gross domestic product rose 1.1 percent to...

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