The New Zealand dollar held near a two-month high ahead of consumer prices data expected to show the pace of inflation has returned to the Reserve Bank's target band adding to the case for interest rate hikes this year.
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The kiwi traded at 72.47 US cents as at 8am in Wellington from 72.44 cents late yesterday. The trade-weighted index was at 79.21 from 79.18, still higher than the average 76.4 level the central bank projected for the first quarter in its November monetary policy statement.
Investors will be watching New Zealand's consumers price index, which economists expect rose 0.2 per cent in the final three months of 2016 for an annual rise of 1.2 per cent, the first time it would be back within the central bank's target band of 1-to-3 per cent since the third quarter of 2014.