(Bloomberg) -- New Zealand's dollar rose to near the
highest in 22 years after a government report showed retail sales
increased twice as fast as expected in May, prompting bets the
central bank will boost interest rates again.
Retail sales rose 1.2 percent from April, when they fell 1.2
percent, adding to evidence the central bank's three increases to
the benchmark rate this year have failed to curb consumer
spending. The currency has gained 28 percent in the past 12
months as the record 8 percent official cash rate lures investors
to the nation's higher-yielding fixed-income assets.
Read more at Bloomberg Currencies News
highest in 22 years after a government report showed retail sales
increased twice as fast as expected in May, prompting bets the
central bank will boost interest rates again.
Retail sales rose 1.2 percent from April, when they fell 1.2
percent, adding to evidence the central bank's three increases to
the benchmark rate this year have failed to curb consumer
spending. The currency has gained 28 percent in the past 12
months as the record 8 percent official cash rate lures investors
to the nation's higher-yielding fixed-income assets.
Read more at Bloomberg Currencies News
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