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NZ Dollar In Constrained Range About Greenback

Contributor:
Fuseworks Media
Fuseworks Media

Wellington, June 29 NZPA - The New Zealand dollar moved in a relatively constrained range against the greenback, helped by broad weakness in the United States currency.

By 8am the kiwi was buying US64.53c, little changed from its level at 5pm on Friday, after moving in a range between about US64.75c and US64.15c.

BNZ Capital senior strategist Danica Hampton said softer commodity prices encouraged some selling of the NZ dollar from short term speculative players, helping to limit gains.

Sentiment towards the kiwi remained fairly negative, with investors becoming increasingly worried about the fragility of New Zealand's recovery.

The kiwi was unchanged against the Australian dollar at A79.96c by 8am today and barely changed against the European currency at 0.4591 euro.

The NZ dollar slipped to 61.44 yen from 61.85 at Friday's local close, while the trade weighted index eased to 60.75 at 8am today from 60.84 at 5pm on Friday.

The US dollar fell broadly after China renewed its call for a super-sovereign reserve currency and as improving appetite for risk dented the greenback's safe-haven allure.

China's central bank did not mention the US dollar by name but said it was a serious defect in the international monetary system that one currency should dominate.

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