NZ dollar rises to 7-month high vs. euro on concern Cyprus precedent may spur capital flight

Wed, 27 Mar 2013

March 28 (BusinessDesk) – The New Zealand dollar rose to a seven-month high against the euro on concern deposit holders in other weak euro-zone nations could face a Cyprus-style hit, spurring a flight of capital. The kiwi climbed to 65.58 euro cents, the highest since August last year, from 65.20 cents at 5pm in Wellington yesterday. The New Zealand dollar traded at 83.70US cents from 83.75 cents. Europe has climbed back into focus as Italy struggles to form a new government and investors digest the ramifications of the 10 billion euro Cypri...

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