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NZ dollar recovers ground as greenback falls
The New Zealand dollar rose as the greenback fell from an 11-month high amid weaker-than-expected US data and was little changed against the pound on signs the Bank of England may be closer to hiking interest rates. The kiwi dollar rose to 68.78 US cents as at 8am in Wellington from 68.37 cents late yesterday. The trade-weighted index rose to 73.12 from 72.83 yesterday. Overnight the Philadelphia Federal Reserve's gauge of US Mid-Atlantic business activity fell to a 1-1/2 year low of 19.9 versus expectations of a 29 reading. The pound strengthened after Bank of England chief economist Andy Haldane switched his ... (full story)