New Zealand dollar nears 6-month high against the pound

The New Zealand dollar had a mixed day yesterday, nearing 6 month highs against sterling but losing ground to the heavily backed aussie. The kiwi generally remained in demand as stronger equity markets aided demand for higher yielding currencies. However, despite domestic data revealing the housing market may be starting to bottom out, the existing economic situation still suggests that the Reserve Bank of New Zealand will cut rates when it next meets at the end of the month.