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NZ Dollar At New Year High Vs Greenback, Holds Above US69c

Contributor:
Fuseworks Media
Fuseworks Media

Wellington, Sept 9 NZPA - The New Zealand dollar hit a one-year high against a generally weakening greenback, as it remained firmly above US69c after pushing through that level on Monday evening.

Around 5pm yesterday the NZ dollar had slipped back to the US69.10c area, but within the next few hours it strengthened quickly, peaking early today at US69.83c, according to Reuters data.

By 8am the kiwi was buying US69.60c amid a growing appetite for risk and renewed concerns about the status of the US dollar as the world's reserve currency.

Overnight a rosy global economic outlook fuelled buying in stocks, helping lift gold above $US1000 ($NZ1469) an ounce and oil to more than $US70 per barrel.

The US currency, seen as a safe haven in times of uncertainty, tends to fall when investors' risk appetite increases.

Meanwhile, a report from the United Nations trade and development agency (UNCTAD) called for the creation of a new world reserve system using several currencies, not just the US dollar.

There was also news out of China expressing concern about printing money to fund US Treasury purchases.

The NZ dollar eased to 0.4801 euro by 8am from 0.4821 at 5pm yesterday, and was little changed from the local close against the Australian and Japanese currencies at A80.72c and 64.20 yen.

The trade weighted index was 63.79 at 8am from 63.75 at 5pm.

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