Kiwi at Three-Year High Against Greenback

The New Zealand dollar rose against other most-traded currencies, jumping to the highest level in three years, after Finance Minister Bill English claimed that the fast growth of the inflation won’t damage the nation’s economy.

English said:

There will be some pressures there as the economy picks up, but we’re in pretty good shape on inflation.

The kiwi, as the New Zealand currency is nicknamed, rose also as the rallying commodity prices bolster the currencies linked to growth. May contract for crude oil delivery rose $1.55 to $109.66 per barrel on NYMEX. Gold for immediate delivery jumped 0.9 percent to the new record of $1,488.18 in London. The meeting of the Group of Twenty ended yesterday. The politicians discussed, among other themes, the methods to reduce imbalances in the world economy.

NZD/USD closed at 0.7990, advancing from the opening rate of 0.7935 and reaching the intraday high of 0.7998, the highest level since April 2008. EUR/NZD fell from 1.8240 to 1.8025 and NZD/JPY rose from 66.23 to 66.39, following the drop to 65.91.

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