(Bloomberg) -- The New Zealand dollar rose to its
highest in at least 22 years as traders bet the central bank will
increase interest rates tomorrow, adding to the appeal of the
nation's higher yielding assets.
The currency, known as the kiwi, has gained 6 percent this
year as the Reserve Bank of New Zealand boosted the official cash
rate twice to a record 7.75 percent. There is a 34 percent chance
the bank will increase borrowing costs when it meets in
Wellington, according to a Credit Suisse index based on overnight
trading of interest rate swaps. It was at 17 percent on May 24.
Read more at Bloomberg Currencies News
highest in at least 22 years as traders bet the central bank will
increase interest rates tomorrow, adding to the appeal of the
nation's higher yielding assets.
The currency, known as the kiwi, has gained 6 percent this
year as the Reserve Bank of New Zealand boosted the official cash
rate twice to a record 7.75 percent. There is a 34 percent chance
the bank will increase borrowing costs when it meets in
Wellington, according to a Credit Suisse index based on overnight
trading of interest rate swaps. It was at 17 percent on May 24.
Read more at Bloomberg Currencies News
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