NZ dollar rises above 86 US cents as investors chase yield

Tue, 22 Apr 2014

By Tina Morrison Apr. 23 (BusinessDesk) - The New Zealand dollar rose above 86 US cents overnight, as investors seeking higher yields anticipate a rise in the nation’s benchmark interest rate tomorrow. The kiwi touched a week high of 86.20 US cents early this morning and was trading at 85.97 cents at 8am in Wellington from 85.78 cents at 5pm yesterday. The trade-weighted index advanced to 79.90 from 79.76 yesterday. Traders have priced in a 97 percent chance for a rate hike by New Zealand’s Reserve Bank tomorrow, according to the overnight...

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