The New Zealand dollar held near a two-month low against the greenback as recent data from the world's biggest economy keep investors upbeat on the prospects for US interest rates to rise before the end of the year. The kiwi traded at 71.67 US cents at 5pm in Wellington from 71.87 cents a day earlier. The bank expects the kiwi to fall to 71 US cents by the end of the year, and extending that decline to the mid-60s by mid-to-late 2017. Mr Borkin said there was still a lot supporting the kiwi dollar's strength and that its gradual decline was primarily due to the greenback. New Zealand's two-year swap rate rose two basis points to 2.04 per cent and 10-year swaps gained three basis points to 2.57 per cent.

Source: New Zealand Herald October 06, 2016 04:52 UTC