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NZ Dollar Edges Ahead Against Weakening Greenback

Fuseworks Media
Fuseworks Media

Wellington, Oct 1 NZPA - The New Zealand dollar edged ahead against a weakening greenback overnight, and was little changed against the European and Australian currencies.

By 8am the NZ dollar was buying US72.33c from US72.12c at 5pm, having ranged between about US71.80c and US72.50c.

Yesterday the kiwi gained on good economic news, including a strong National Bank survey of business confidence and better than expected Australian retail sales data.

ANZ bank said that overnight a higher euro and Australian dollar had helped drive the NZ dollar to its highs.

Having moved into the final quarter of this year, the familiar trend of a weaker US dollar should return, ANZ said.

Reuters reported the US dollar fell against major currencies as expectations that the US economy was recovering dampened safe-haven demand for the greenback.

The Swiss franc, meanwhile, fell against the euro with traders citing talk the Swiss National Bank may have intervened to weaken its currency. The SNB declined comment on the franc's price action.

Data showing the US economy contracted in the second quarter more slowly than initially thought kept the euro and sterling firm, while the higher-yielding Australian and NZ dollars rallied.

The foreign exchange market shrugged off a September US Midwest manufacturing report that fell unexpectedly and pointed to shrinking factory activity.

The NZ dollar was at A81.94c against the Australian dollar at 8am and 0.4939 euro, little changed from 5pm, while the kiwi edged up to 64.84 yen from 64.73.

The trade weighted index was 65.65 at 8am from 65.57 at 5pm.

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