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New Zealand Dollar Extends Gains On Rising RBNZ Hike Bets
The New Zealand Dollar continues to outperform as currency markets price in a further interest rate rise at the Reserve Bank of New Zealand following this week's strong labour market data. "NZD/USD jumped about 0.5% in the Asia session as market participants raised the prospect of another RBNZ rate hike," says Carol Kong, a strategist at Commonwealth Bank. The Pound to New Zealand Dollar and Euro to New Zealand Dollar are lower by a similar margin at 2.06 and 1.7585, respectively. According to money market pricing, investors now see a 90% chance of a further interest rate hike of 25 basis points by May. Markets ... (full story)