Kiwi dollar strengthens on RBNZ's hawkish stance

The New Zealand dollar surged overnight after many investors, searching for higher yields, have taken the view that the RBNZ is almost finished its monetary easing. With official rates at 3 percent the central bank has previously signalled that it does not expect rates to be reduced much further. The kiwi dollar also gained support when figures released overnight showed New Zealand GDP shrank by less than expected.