Business

NZD gains as Fed’s Clarida backs gradual US rate hikes

 The New Zealand dollar gained as Federal Reserve vice chair Richard Clarida backed the central bank's gradual approach to raising interest rates, and ahead of the Reserve Bank's six-monthly report on financial stability.

The kiwi increased to 67.87 US cents as at 8am in Wellington from 67.64 cents yesterday, staying within recent ranges. The trade-weighted index advanced to 74.32 from 73.96. 

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