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NZ Dollar Firm As Asian Equity Markets Settle

Fuseworks Media
Fuseworks Media

Wellington, Sept 1 NZPA - The New Zealand dollar was firm today as the Chinese sharemarket steadied from a rout yesterday that made investors nervous of risk again.

The NZ dollar was at US68.64c at 5pm from US68.66c at 8am and US68.25c at 5pm yesterday.

BNZ Capital senior strategist Danica Hampton said yesterday's "unequivocally buoyant" National Bank Business Outlook also helped underpin NZ dollar sentiment.

The local currency market also waited for most of the day for the Reserve Bank of Australia interest rate decision at 4.30pm NZ time. The Australian central bank left rates unchanged and said its accommodative monetary policy remained appropriate.

Analysts had wondered if the Australian central bank would signal a tougher stance as the economy strengthened and the Australian dollar was firm ahead of the announcement.

The NZ dollar rose to A81.50c at 5pm from A81.25c at the same time yesterday.

Shares in Shanghai edged up today after plunging nearly 7 percent yesterday and stocks elsewhere in Asia posted modest gains.

Data also showed China's economy maintained its upward momentum in August, with two purchasing managers' indexes rising to their highest levels in 16 months.

By 5pm the NZ dollar was up to 0.4781 euro from 0.4778 yesterday, and was also up to 63.55 yen from 63.28.

The trade weighted index rose to 63.55 from 63.30 yesterday.

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