NZ dollar pares gain as traders digest Bernanke comments on stimulus

Thu, 11 Jul 2013

By Tina Morrison July 12 (BusinessDesk) – The New Zealand dollar gave up yesterday’s gains after traders decided comments by Federal Reserve chairman Ben Bernanke were not as dovish as initially thought and were more a reiteration of his previous stance. The kiwi fell to 78.54 US cents, from 79.52 cents at the 5pm market close in Wellington yesterday. The local currency is trading within its range early yesterday before Bernanke’s comments prompted a surge to a three-week high of 79.68 cents. The trade-weighted index slid to 74.41 from 75.10...

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