11 Jul 2011

NZ dollar's surge continues

7:43 am on 11 July 2011

The New Zealand dollar has continued its upward march, surging past its previous post-float high.

The kiwi touched 83.83 US cents in late trading on Friday, its highest level since it was floated in March 1985.

Currency analysts attributed the rise to improved risk appetite after upbeat private-sector employment data from the United States.

The currency has climbed about 11% against its US counterpart this year as commodity prices strengthened and investors were buoyed by prospects of an improving global growth outlook.