Tuesday, May 27, 2008

Kiwi dollar hits three-week high

The kiwi dollar closed at $US0.7895/05 today, after hitting a three-week peak of $0.7929 earlier in the day.

The dollar advanced as two separate surveys - by the National Bank of New Zealand and the Reserve Bank of New Zealand - pointed to persistent inflation, which lessened the likelihood the Reserve Bank will cut interest rates in the near future.

(The National Bank's business outlook survey in May showed respondents expected inflation to average 3.44 percent during the next year, up from 3.29 percent in the April survey.)

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