(Bloomberg) -- New Zealand's dollar fell from the
highest in 22 years against the U.S. currency and from a 19-year
high versus the yen on concern its advance will deter the
central bank from raising interest rates again.
The Reserve Bank of New Zealand has boosted borrowing costs
three times this year, helping the currency, known as the kiwi,
gain 11 percent as investors were attracted to the country's
higher-yielding assets. The bank sold New Zealand dollars June
11 for the first time in 22 years calling the currency's gains
``unjustified by economic fundamentals.'' Its next monetary
policy review is on July 26.
Read more at Bloomberg Currencies News
highest in 22 years against the U.S. currency and from a 19-year
high versus the yen on concern its advance will deter the
central bank from raising interest rates again.
The Reserve Bank of New Zealand has boosted borrowing costs
three times this year, helping the currency, known as the kiwi,
gain 11 percent as investors were attracted to the country's
higher-yielding assets. The bank sold New Zealand dollars June
11 for the first time in 22 years calling the currency's gains
``unjustified by economic fundamentals.'' Its next monetary
policy review is on July 26.
Read more at Bloomberg Currencies News
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