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NZ Dollar In Relatively Tight Range Against Greenback

Fuseworks Media
Fuseworks Media

Wellington, April 1 NZPA - The New Zealand dollar moved in a relatively restricted range overnight against the United States currency.

By 8am the kiwi was buying US57.03c, having moved between US56.70c and US57.30c during the night.

BNZ Capital currency strategist Danica Hampton said solid gains across global equities and improving risk appetite helped underpin risk sensitive currencies such as the NZ dollar against the yen.

Steady selling of the kiwi against the Australian dollar was also noted last night, likely to have been triggered by an article suggesting the Reserve Bank of Australia might keep rates steady in April.

The kiwi was down to A82c against the Australian dollar by the local open from A82.54c at 5pm yesterday, having reached an 11-week high above A82.90c briefly yesterday evening.

Among the major currencies, the US dollar rose to a more than three-week high versus the yen as gains in stock markets worldwide and weak economic data out of Japan dampened safe-haven flows into the Japanese currency.

"It seems yesterday's (stock market) sell-off was quite short-lived and investors are once again loading up on riskier assets and currencies," said Robert Blake, senior currency strategist at State Street Global Markets in Boston.

The NZ dollar rose to 56.52 yen by 8am from 55.88 at yesterday's local close, while it was little changed against the European currency at 0.4294 euro at the local open. The trade weighted index was up to 57.14 at 8am from 57.03 at 5pm.

NZPA WGT Reuters mjd nb

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