(Bloomberg) -- New Zealand's dollar fell after a government report showed wages accelerated less than economists expected in the first quarter, diminishing prospects of another interest-rate increase this year.
Wages for non-government workers, excluding overtime, increased 0.7 percent from the fourth quarter, according to Statistics New Zealand in Wellington. The median of 11 economists forecast an increase of 0.8 percent in the first quarter. Rising salaries encourage consumers to spend more, buoying demand and increasing the likelihood of rate rises, which have helped the local dollar gain almost 15 percent in the past 12 months.
Read more at Bloomberg Currencies News
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