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NZ Dollar Broadly Stronger

Contributor:
Fuseworks Media
Fuseworks Media

Wellington, June 19 NZPA - A broadly strengthening New Zealand dollar climbed above A80c against its Australian counterpart for the first time in more than a fortnight and reached a 2-1/2-week high against the euro.

Against the greenback, the kiwi reached a week-high around US64.40c early today before easing to US63.91c by 8am, up from US63.02c at 5pm yesterday.

The NZ dollar also reached a peak around 0.4610 euro, then edged down to 0.4602 by the local open from 0.4523 yesterday evening.

In its morning briefing, ANZ bank said that as usual, the NZ dollar ended up being tossed around with the ebb and flow of the majors.

The kiwi had only a minor dip late yesterday before European and American markets took it higher, ANZ said.

Overnight the extension continued before the NZ dollar hit resistance around the US64.40c level.

Against the Australian dollar, the kiwi got to around the A80.10c level, and by 8am was down to A79.91c from A79.59c at 5pm, with the NZ dollar also up to 61.76 yen from 60.30. The trade weighted index was 60.66 at 8am from 59.82 at 5pm.

The US dollar rose against the euro as traders bought back the US currency after the pair failed to break a key technical level.

Price action was choppy as traders said moves in the foreign exchange market lacked conviction and most were unsure how to trade the US currency.

"We've really been stuck this week in a range and I think the market is searching for direction," said Steven Butler, head of FX trading at Scotia Capital in Toronto.

"It's been seesawing around, depending on what the flavour of the day is."

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