NZ dollar at record high against U.S. dollar in two years

15:14, November 04, 2010      

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The New Zealand dollar jumped against the American currency on Thursday, as the New Zealand employment grew and the U.S. dollar continued to depreciate.

The New Zealand dollar climbed from 77.6 U.S. cents to 78.8 U.S. cents by midday on Thursday - its highest level since early June 2008.

The currency's rise started after the U.S. Federal Reserve on Wednesday announced plans to pump more money into the American economy to try to boost the recovery.

The U.S. central bank hopes the plan to buy 600 billion U.S. dollars worth of Treasury bonds over the next eight months will boost inflation and lower unemployment. The move weakened the U.S. dollar.

Statistics New Zealand figures released on Thursday show 150,000 people were out of work at the end of September - 10,000 fewer than the end of the June quarter.



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