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NZ Dollar Overcomes Some Lost Ground Even As Greenback Firms

Fuseworks Media
Fuseworks Media

Wellington, May 5 NZPA - The New Zealand dollar overcame some recent lost ground even as the greenback also regained a little credibility.

By 8am today the kiwi was buying US78.13c, up from US77.77c at 5pm on Friday, although still below levels of most of the past three months.

At the same time the US dollar scaled two-month highs against the yen and a basket of currencies after an unexpectedly small drop in US nonfarm payrolls left investors hoping any US recession would prove a shallow one.

News that the struggling US economy shed only 20,000 jobs in April also supported views that the Federal Reserve would refrain from cutting US interest rates again, provided economic data and financial markets did not deteriorate further.

Bank of New Zealand currency strategist Danica Hampton said the US jobs data bolstered US equity markets, risk appetite and demand for high-yielding currencies such as the NZ dollar, particularly against safe-haven currencies such as the yen.

At today's local open the kiwi was buying 82.17 yen from 81.37 at 5pm on Friday.

The NZ dollar was also up against its Australian counterpart, opening at A83.51c, from A83.37c at Friday's local close but still below levels of much of the past six months.

Against the euro, the kiwi was buying 0.5062 at 8am from 0.5028, while the trade weighted index was up to 70.14 from 69.75.

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