N.Z. Dollar at 2 1/2-Year High Against Aussie on Sales
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New Zealand’s dollar touched a 2 1/2-year high against Australia’s as the smaller nation’s retail sales grew faster than economists predicted, boosting bets its central bank will raise interest rates.
The so-called kiwi climbed to its strongest in 17 months against the greenback as non-resident holdings of the nation’s sovereign debt rose to the most since October 2009. The Australian and New Zealand dollars are both poised to gain against the U.S. currency this week as speculation global growth will quicken boosts demand for higher-yielding assets.