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NZ Dollar Falls Overnight After 7-Week High Yesterday

Contributor:
Fuseworks Media
Fuseworks Media

Wellington, Jan 8 NZPA - The New Zealand dollar fell away against the greenback overnight from a seven-week high reached on the back of strong Australian retail sales data yesterday afternoon.

Around 8am today, the kiwi was at US73.23c, well down from the peak around US74.25c about 1.30pm yesterday. By 11pm the NZ dollar had been back in the band between US73.20c and US73.50c where it spent much of the past three days.

The United States dollar gained broadly as European economic data suggested a weak, slow recovery and the new Japanese finance minister called for a weaker yen.

A smaller-than-expected increase in US jobless claims and strong December results from retailers were seen to be continuing to prop up the greenback.

The NZ dollar reached a 10-week high against the Japanese currency around 68.56 yen early yesterday afternoon, and while it retreated from the brief peak the kiwi continued the upward trend of the past fortnight to be at 68.18 yen at the local open from 68 yen at 5pm.

After peaking at a 21-month high against the European currency, around 0.5140 euro, early yesterday afternoon the kiwi was down to 0.5117 euro by 8am today, slightly down from the local close.

The kiwi also fell to a week low against the Australian dollar overnight, and by 8am was at A79.83c from A80c at 5pm. The trade weighted index was down to 66.76 at 8am from 66.96 at 5pm.

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