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Early Morning Spurt Pushes NZ Dollar Above US76c

Contributor:
Fuseworks Media
Fuseworks Media

Wellington, June 20 NZPA - An early morning spurt pushed the New Zealand dollar above US76c for the first time in 10 days, even as the greenback strengthened against the euro.

Bank of New Zealand currency strategist Danica Hampton said the kiwi spent most of the night trading choppily against the US dollar within a fairly narrow range of US75.70c and US76c.

Late in the New York session, "huge" NZ dollar buying, which market rumours suggested was from an Australian bank, had pushed the NZ currency higher.

According to Reuters data the NZ dollar got to US76.28c and by 8am was at US76.26c, from US75.86c at 4.30pm yesterday.

The rise of the greenback against the euro, was helped by a sharp drop in crude oil prices and a surge in British retail sales that caused traders to offload the European single currency to buy sterling.

"The UK news has sent sterling higher, driving the sterling crosses. That's one of the major undercurrents today. Oil is down, that is also (US) dollar positive," said Brian Dolan, chief currency strategist at Forex.com in Bedminster, New Jersey.

"We are still within recent ranges. The (US) dollar is not out of the woods yet."

The NZ dollar reached two-week highs against the yen and euro.

By 8am it was at 0.4919 to the euro from 0.4872 at 4.30pm, and slightly down against the pound at 38.66p from 38.68.

Against the Australian dollar, the kiwi was buying A80.14c at today's local open from A80.07c at 4.30pm, and was at 82.33 yen from 81.64. The trade weighted index was 68.43 at 8am from 68.05.

NZPA WGT Reuters mjd nb

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