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NZ Dollar Climbs Through Night To Multi-week Highs

Contributor:
Fuseworks Media
Fuseworks Media

Wellington, March 13 NZPA - The New Zealand dollar continued to rise through the night, following on from its surge yesterday after the Reserve Bank cut official interest rate by less than many investors expected.

By 8am today the kiwi was buying US52.06c, around its highest level in more than three weeks against the greenback, from US51.24c at 5pm yesterday.

BNZ Capital currency strategist Danica Hampton said the NZ dollar extended its gains against the US currency overnight, supported by a surge higher in the kiwi against both the Swiss franc and the Japanese yen.

The Swiss National Bank said it would buy foreign currency in order to prevent any further appreciation of the Swiss franc against the euro, resulting in the Swiss franc skidding sharply against most currencies, Ms Hampton said.

The yen suffered overnight amid renewed fears about the health of Japan's economy and recovering risk appetite following solid gains in US and European equities.

The NZ dollar did dip early last night against the Japanese currency but then surged higher to around a four-week high of 51 yen at 8am, having been down to 48.6 yen around 10pm.

Against the Australian dollar the kiwi was around a three-week high of A79.76c at today's local open from A79.03c at 5pm yesterday. Similarly, the NZ dollar rose to its highest level in three weeks against the euro, buying 0.4048 at 8am from 0.3995 at yesterday's local close.

The trade weighted index rose to 53.36 at 8am from 52.50 at 5pm.

NZPA WGT mjd nb

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