The New Zealand dollar climbed today, bouncing from the multi-year lows it has reached last week, after the nation’s Prime Minister voiced concerns about the size of the currency’s drop.
The New Zealand dollar was falling lately due to the prospects for an interest rate cut as early as this week. Over the last year, the currency has declined 25 percent. Prime Minister John Key commented today that the speed of the fall was faster than expected. The comment lifted the kiwi.
NZD/USD rallied from 0.6516 to 0.6577 as of 11:10 GMT today. NZD/JPY leaped from 80.78 to 81.69.
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