12 Jan 2010

New Zealand dollar gains ground

11:58 am on 12 January 2010

The New Zealand dollar has been rising against the US currency.

At about 8am on Tuesday the New Zealand dollar was buying just over 74 US cents, the highest level in several weeks.

The currencies have gained in the wake of disappointing US jobs data, and on the back of strong export numbers from China.

Bank of New Zealand chief economist Tony Alexander says the currency's rise is due to higher commodity prices, greater tolerance among investors for risk and higher interest rates in New Zealand than in many other countries.