The local currency advanced to 71.36 US cents from 70.86 cents yesterday. Bank of England governor Mark Carney said the central bank will probably need to pump more stimulus into Britain's economy over the northern hemisphere summer, while a Bloomberg report suggested that the European Central Bank is also weighing more stimulus. The kiwi reached 53.87 British pence, and was trading at 53.60 pence at 8am in Wellington, from 52.88 pence at 5pm yesterday. The New Zealand dollar touched a fresh three-year high against the British pound after the Bank of England signalled it planned to cut interest rates to counter the impact of the UK's decision to leave the European Union. The New Zealand dollar gained to 95.63 Australian cents from 95.25 cents yesterday, rose to 64.31 euro cents from 63.81 cents, advanced to 73.69 yen from 72.79 yen, and increased to 4.7445 yuan from 4.7074 yuan.

Source: New Zealand Herald June 30, 2016 20:48 UTC