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NZ Dollar Eases Vs Euro And Yen, Small Gain Vs Greenback

Fuseworks Media
Fuseworks Media

Wellington, June 12 NZPA - The New Zealand dollar made small gains against the greenback overnight, while easing against the euro and yen.

The ANZ Bank today said the NZ dollar was in a waiting game as the market eagerly awaited tomorrow's release of April retail sales data.

Yesterday's strong first quarter terms of trade data was neutralised by weak exports and the May release from the Real Estate Institute.

That showed residential property sales down 53 percent on a year ago, while prices stood still from April and slipped 1.4 percent for the year.

By 8am today the kiwi was buying US75.57c against the greenback from US75.41c at 5pm yesterday.

Against the euro, the NZ dollar slipped to 0.4857 by today's local open from 0.4871, while against the yen the kiwi was at 80.78 from 81.09 at yesterday's local close.

Overnight, the greenback fell against the euro, snapping its best two-day advance against the single euro zone currency since 2005, with investors debating the relative outlook for interest rates in the United States and Europe given the rhetoric of central bank officials in recent days.

In this country, ANZ said it expected a relatively tight trading range for the NZ dollar today as it looked across the Tasman for some guidance, with key Australian May employment data due later this afternoon.

The kiwi was buying A79.82c against the Australian dollar at 8am, barely changed from the local close, while the trade weighted index eased to 67.73 from 67.78 at 5pm.

NZPA WGT Reuters mjd kn

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