NZ dollar surges after the Reserve Bank signals interest rates are headed up

Thu, 25 Jul 2013

By Tina Morrison July 26 (BusinessDesk) – The New Zealand dollar surged after the central bank yesterday signalled interest rate hikes were on the horizon, increasing the lure of local assets. The kiwi rose to a six-week high of 81 US cents, and recently traded at 80.95 cents, from 79.80 cents at the 5pm market close in Wellington yesterday. The local currency surged to a four-and-a-half year high of 87.74 Australian cents, and recently traded at 87.23 cents, from 87.14 cents yesterday. New Zealand Reserve Bank governor Graeme Wheeler kept t...

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