Boosted by Positive Data New Zealand’s Dollar Climbed Higher
The Kiwi climbed to 82.86 US cents at 5pm in Wellington from 82.55 cents from 82.32 cents yesterday. The trade-weighted index advanced to 77.43 from 77.07.
Having got a lift from encouraging domestic data and renewed expectations the U. S. Federal Reserve will keep its stimulus in place for longer.
New Zealand trading got a lift when Federal Reserve chair nominee Janet Yellen released remarks suggesting the central bank should carry on supporting the U. S. economy with stimulus. In an organized statement, Ms. Yellen said that unemployment at 7.3% in October was still very high, "reflecting a labour market and economy far short of their potential."
Yellen also said that the Fed has moved on quite a distance since the global financial crisis, "but has more work to do" and needs a "strong recovery" to trim down its dependence on unconventional monetary policy.
The Fed has been buying US$85 billion of assets a month in an attempt to support the US economic and labour market recovery.
New Zealand weak retail sales data which revealed consumers spending prop up by sales of cars and auto parts in the third quarter was over shadowed by Yellen's testimony.
Bank surveys today showed consumer confidence was at its highest level since January 2010 and New Zealand's manufacturing grew at its fastest pace for an October month in six years.
The kiwi gained to 61.52 euro cents from 61.22 cents and slipped to 51.67 British pence from 51.80 pence yesterday.
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