NZ dollar surges about 1 US cent after Fed sticks to rate hike track; GDP looms

Wed, 15 Mar 2017

By Jonathan Underhill March 16 (BusinessDesk) - The New Zealand dollar surged about 1 US cent after the US Federal Reserve raised interest rates as expected but kept its track for further hikes unchanged, reiterating that it sees "gradual increases". The kiwi dollar rose to 70.24 US cents as at 8am in Wellington, and earlier reached 70.39 cents, from 69.31 cents late yesterday. The trade-weighed index rose to 76.48 from 75.97. The Fed raised the fed funds rate by a quarter point to a range of 0.75 percent to 1 percent as expected and k...

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