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NZ Dollar More Settled As Senate Passes Package

Fuseworks Media
Fuseworks Media

Wellington, Oct 2 NZPA - The New Zealand dollar had a relatively settled day with the US Senate approval of an amended rescue package helping calm investors' nerves.

The NZ dollar was at US67.25c at 5pm from US67.46c at 8am and US67.03c at 5pm yesterday.

The US bailout of its financial sector still needs to be approved by the House of Representatives, but the progress is helping to reduce risk aversion. That should ultimately benefit currencies like the NZ dollar.

The NZ dollar has been rising against the Australian dollar and was at A84.99c at 5pm from A84.20c yesterday.

The approaching Reserve Bank of Australia interest rate decision has all the focus on the Australian leg of this cross.

Having broken through major technical resistance at A85.10c, a close on a weekly basis was needed to see a return to A88c plus levels, the ANZ said.

At 5pm, the NZ dollar was buying 0.4810 euro from 0.4746 at 5pm yesterday, while against the yen it was at 71.20 from 71.02.

The trade weighted index was to 64.55 at 5pm, up from 64.05 at 5pm yesterday.

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