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NZ Dollar At Two Week High Against Greenback

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Contributor:
Fuseworks Media
Fuseworks Media

Wellington, May 7 NZPA - The New Zealand dollar climbed to a two-week high against the greenback, after the US currency was hit by weaker than expected earnings results from Fannie Mae, the largest provider of US home financing.

By 7.15am the kiwi was buying US79.20c, having touched US79.35c early today, from US78.60c at 5pm yesterday.

The US dollar extended declines against the euro and a basket of six major currencies for a second straight day.

The problems at Fannie Mae reminded investors that problems in America's housing market, a major drag on the US economy, may not yet have completely worked their way through the system.

Even before that result, the greenback was already lower, pressured by waning risk appetite as European equities fell, while the single currency drew support from euro zone service sector data that was slightly stronger than expected.

The NZ dollar was up against the range of currencies, even lifting slightly against the Australian currency after dropping below A83c yesterday morning.

By 7.15am today the kiwi was at A83.39c from A83.22c at yesterday's close. The NZ dollar was also buying 0.5102 euro from 0.5061 at 5pm.

The kiwi rose to 82.98 yen from 82.31, while the trade weighted index was 70.75 at 7.15am from 70.25 at yesterday's close.

NZPA WGT Reuters mjd kk

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