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NZ Dollar Reaches Eight-Week High Vs Greenback

Contributor:
Fuseworks Media
Fuseworks Media

Wellington, Jan 12 NZPA - The New Zealand dollar edged higher against the greenback overnight, reaching its highest level in nearly eight weeks, as the United States currency fell broadly and strong Chinese export data boosted risk appetite.

Around 8am the kiwi was buying US74.28c, from US74.02c at 5pm yesterday.

The broad fall in the US dollar came in the wake of weak US jobs data at the end of last week and comments from a Federal Reserve official that US interest rates are likely to stay low for quite some time.

Demand for the US currency also fell after strong Chinese export data increased optimism the global economy is recovering, boosting risk appetite.

The kiwi recovered from a four-week low against the Australian dollar around A79.35c yesterday afternoon, to be at A79.82c at today's local open.

The NZ dollar rose modestly to 0.5111 euro at 8am from 0.5097 at 5pm, and was little changed at 68.30 yen at the local open. The trade weighted index was up to 67.03 at 8am from 66.86 at 5pm.

NZPA

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