NZD/USD to 0.8790 over Upgrade Chances

The New Zealand dollar held on to gains early on Wednesday, having scaled a fresh three-year peak on the prospect of a sovereign rating upgrade, contrasting with other major currencies which shuffled in familiar ranges.

The kiwi last traded at $0.8790, after rising as far as $0.8806, bringing into focus its post-float high around $0.8840 set in August 2011.

It broke above a $0.8714-0.8795 range seen in the past week or so after Fitch revised its outlook on New Zealand’s AA-rating to positive from stable, citing progress in the country’s fiscal consolidation.


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