Futures Market News
Kiwi climbs as central bank chief declines to intervene
Oct 25, 2012 01:15 PM
The value of the monetary unit of New Zealand drove toward its top level in 180 days Thursday against the Japanese yen after the South Pacific nation's central bank left interest rates intact while noting the sentiment of the business climate has grown better, Bloomberg reports.
The kiwi pushed ahead against the world's reserve currency for a second consecutive trading session after the new leader of the Reserve Bank of New Zealand said inflation is likely to accelerate. But one strategist said that new central bank governor left hopes high about intervention.
Governor Graeme "Wheeler disappointed those in the market who had been expecting an easing signal," strategist Imre Speizer with Westpac Banking Corp. in Auckland told the news source. "The market was fully priced for a January rate cut, and that pricing will be at least partially unwound."
The kiwi pushed to its highest value since late April against the Japanese yen while pushing to its highest in more than two weeks against the U.S. dollar.
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