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NZ Dollar Holds Vs Weak Greenback, Down On Other Majors

Contributor:
Fuseworks Media
Fuseworks Media

Wellington, June 30 NZPA - The New Zealand dollar held up against a weak US currency during the weekend, but eased against other major currencies.

By 8am today the kiwi was buying US76.10c from US76.05c at 4.45pm on Friday.

In a counter-intuitive move the kiwi had climbed against all currencies on Friday, despite news the economy shrank by 0.3 percent in the March quarter.

Against the greenback the NZ dollar rose as much as a cent from late Friday morning, topping US76.30c early on Saturday.

ANZ bank today said the US dollar remained under pressure, which was ensuring the kiwi continued to hold up despite New Zealand's first quarter GDP contraction.

"However, USD weakness is unlikely to be the kiwi's saviour for too long, especially once the RBNZ starts to ease interest rates in the coming months," ANZ said.

Against the euro, the NZ dollar opened down at 0.4822 at 8am today from 0.4836 at 4.45pm on Friday.

The kiwi was also down versus the yen to 80.78 from 81.45, and down against the Australian dollar to A79.11c from A79.35c. The trade weighted index was 67.60 at 8am from 67.77.

The yen and Swiss franc rose to three-week highs against the US dollar as investors pared back risk exposure amid record high oil prices, slumping stocks and worries about US economic growth.

NZPA WGT Reuters mjd nb

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