NZ dollar rises above 85 US cents as investors seek yield after ECB cuts rates

Thu, 05 Jun 2014

By Tina Morrison June 6 (BusinessDesk) - The New Zealand dollar rose above 85 US cents overnight after the European Central Bank cut its benchmark interest rates to negative and introduced further stimulus, prompting investors to seek higher yields elsewhere. The kiwi touched 85.13 US cents, its highest level this week, and was trading at 84.99 cents at 8am in Wellington, from 84.41 cents at 5pm yesterday. The Australian dollar rose to 93.38 US cents from 92.84 cents yesterday. The trade-weighted index advanced to 79.21 from 78.90 yesterd...

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