The New Zealand dollar edged higher after this morning's release of the minutes of the US Federal Reserve's last meeting reiterated that US interest rates may rise next month, but failed to make the case any stronger.
The kiwi advanced to 64.46 US cents at 8.30am in Wellington, from 64.35 cents immediately prior to the 8am release of the Fed minutes. It declined from 64.65 US cents at 5pm yesterday amid weaker commodity prices. The trade-weighed index was at 70.53 at 8.30am, from 70.49 at 8am and 70.77 yesterday.
The New Zealand dollar has dropped about 17 percent against the greenback so far this year as a strengthening US economy stokes speculation the Fed will hike interest rates, while in New Zealand interest rates are expected to continue to decline amid slower growth. Expectations for a US rate hike in December began to build after the Federal Open Market Committee signalled the move was likely at its October meeting, however the minutes to that meeting released today didn't provide any further detail.
See live rates for the NZ-US $ below. Click for more information: