N.Z. Dollar Rises to 2-Year High Versus Aussie After PMI Report
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New Zealand’s dollar gained to its highest in two and a half years against Australia’s after manufacturing in the smaller economy expanded last month, boosting prospects its Reserve Bank will raise interest rates.
The so-called kiwi matched its strongest level since September 2011 against the greenback after a manufacturing index rose to its highest in eight months and consumer confidence climbed. Australia’s currency fell versus the U.S. dollar as traders predicted its central bank will lower rates to a record this year.