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NZ Dollar Lifts Vs Greenback After Sinking To Five-month Low

Fuseworks Media
Fuseworks Media

Wellington, June 16 NZPA - The New Zealand dollar fell to a new five-month low against the greenback late on Friday but early today took a step up.

Around 8am today, the NZ dollar was buying US75.24c against the greenback, from US75.02c at 5pm on Friday.

Late Friday the kiwi dropped from US75c to around US74.45c over the course of a few hours but then bounced back. Early today it moved up from the US75c level.

The US dollar had ended last week with a jump against the euro and notched up its best week against a basket of currencies since 2005 as mounting inflation fears had investors bracing for Federal Reserve interest rate hikes this year.

But analysts are now expecting the greenback to dip after a meeting of G8 finance ministers in Osaka, Japan, did not discuss currencies.

The ANZ bank today said it expected Asian trading to correct some of the recent US dollar strength and deliver a stronger euro, and Australian and NZ dollars.

The NZ dollar should prevail today in an anti-US dollar environment, ANZ said.

The kiwi also opened locally today a little stronger against other major currencies.

It was buying A80.02c at 8am today against the Australian dollar from A79.83c at 5pm on Friday, and was up to 0.4892 euro from 0.4860.

The NZ dollar was at 81.24 yen at the local open from 80.85, while the trade weighted index was 67.87 at 8am from 67.61.

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