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Kiwi Slightly Down Against USD Following Italian G8 Meeting

Contributor:
Fuseworks Media
Fuseworks Media

Wellington, June 15 NZPA - The New Zealand dollar closed slightly down against the greenback today, following statements by Russian and Japanese finance ministers supporting the US dollar at the G8 conference in Lecce in southern Italy on Friday.

Westpac senior market strategist Imre Speizer said the ministers' dollar-supportive statements were "conversely, bad for risky currencies".

The kiwi closed the local session at US63.75c, down from US64.25c on Friday night, while edging up against the aussie to A78.97c, from A78.95c.

Though quiet today on the money markets the Reserve Bank of Australia (RBA) would release its minutes tomorrow, prompting investors to look for any indication the central Australian back may cut interest rates, he said.

"If the RBA comes out and says lots of strong words about the potential for cutting interest rates, that could add a lot of downside to the aussie, which would then filter over here," Mr Speizer said.

" It's one of those outside risks. You have got to be aware of it."

The New Zealand dollar traded at 0.4570 at 5pm against the euro, from 0.4565 on Friday, and at 62.73 from 62.92 against the yen.

The trade weighted index was 60.44, down from 60.62 on Friday.

In the US, the greenback rose broadly, rebounding from a selloff earlier this week, while demand for the euro fell after data showed a plunge in euro zone industrial production.

The Australian dollar fell against the greenback to 80.72c, from 81.37c, the euro fell against the US currency to 1.3946 from 1.4082 and the yen gained against the greenback to 98.41 from 97.88.

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