![Dollar tumbles along with pound](/pf/resources/images/placeholders/placeholder_l.png?d=793)
Dollar tumbles along with pound
The NZ dollar tumbled more than US3c, or 4.4 per cent, and swap rates dropped as the UK voted to leave the EU.
The NZ dollar tumbled more than US3c, or 4.4 per cent, and swap rates dropped as the UK voted to leave the EU.
The New Zealand dollar was little changed near a 12-month high and may rally further if Britons vote to remain in the European Union.
The New Zealand dollar is heading for a 0.2 per cent decline against the greenback this week.
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The NZ dollar rose to a week high against the British pound, which slumped as new polling data raised concern about a potential British exit from the EU.
The Kiwi fell as traders continued to see the possibility of US interest rates rising next month.
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The New Zealand dollar may decline this week on expectations the Reserve Bank could add further restrictions to the housing market, paving the way for future interest rate cuts.
COMMENT: The NZ dollar has been rising lately, despite the surprise interest rate cut in March and an expected slowdown in the dairy sector.
The New Zealand dollar rose as the US dollar weakened after a report showed US manufacturing activity slipped.
The Bank of Japan's decision not to expand its stimulus measures drove up the yen against the greenback.