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NZ Dollar Pushes Through US53c

Contributor:
Fuseworks Media
Fuseworks Media

Wellington, March 17 NZPA - The New Zealand dollar climbed to a five-week high against the greenback as it pushed through the US53c level early today.

The kiwi peaked around US53.40c about 6.30am then eased to US53.13c at 8am from US52.36c at 5pm yesterday.

The NZ dollar has climbed from as low as US49.10c in the past week. As the kiwi climbed against a range of currencies overnight, the greenback fell to a five-week low against the euro.

That happened as United States and European stocks rallied for a fifth straight session, signalling investors' willingness to take on more risk.

BNZ Capital currency strategist Danica Hampton said the NZ dollar had benefited from the continued recovery in global equities and risk appetite.

Against a backdrop of firmer global equities and improving risk appetite, investors had trimmed safe-haven currency positions.

That had tended to result in a generally weaker US dollar and solid demand for yen crosses, such as that with the kiwi.

Investors had largely ignored New Zealand news, with yesterday's manufacturing data for the fourth quarter having been "dreadful".

The NZ dollar climbed to its highest level in more than a month against the euro, peaking at 0.4106 then easing to 0.4092 by the local open from 0.4060 at 5pm yesterday.

Against the Japanese currency, the kiwi got to a two-month high of 52.49 yen and by 8am was at 52.21 from 51.42 at 5pm.

The kiwi reached a month-high against the Australian dollar at A80.53c before easing to A80.33c by 8am from A79.78c at yesterday's local close. The trade weighted index was 54.12 at 8am from 53.54 at 5pm.

NZPA WGT Reuters mjd kn

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