N.Z. Dollar Gains as RBNZ Raises Rate, Increases Growth Estimate
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New Zealand’s dollar gained after the central bank raised its benchmark rate for a second month and increased its growth estimate for the year ended March.
The kiwi rose versus all 16 major peers after Reserve Bank of New Zealand Governor Graeme Wheeler said prices for the nation’s export commodities remain “very high” while acknowledging recent declines for dairy. The strong currency is helping to contain inflation though current levels may not be sustainable, he said.