NZ dollar rises
The New Zealand dollar has risen Thursday, trading at 64.05 US cents from the 63.31 US cents yesterday.
The market was short going into yesterday’s announcement with both economists and investors expecting a 25 basis point cut to the rate following Tuesday’s inflation expectations survey.
The New Zealand dollar spiked higher as investors scrambled to cover their short positions and has managed to hold onto its gains, up circa 1.25 per cent against its rivals.
Direction for the NZD-AUD cross rate will be dictated by Australia’s employment report due for release this afternoon.
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