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NZ Dollar Rises Along With US Sharemarket

Contributor:
Fuseworks Media
Fuseworks Media

Wellington, June 26 NZPA - The New Zealand dollar rose overnight as the greenback fell against most major currencies, tracking a rise in United States stocks.

The US sharemarket's rally on improved risk appetite reduced the US dollar's safe-haven bid, which had earlier been sparked by an unexpected rise in US jobless claims data.

By 8am the NZ dollar was buying US64.51c, up from US64.16c at 5pm yesterday.

The kiwi was also up to 0.4611 euro from 0.4596, and was up a little against the Japanese currency to 61.88 yen by today's local open.

Against the Australian dollar, the kiwi rose to A80.43c from A80.12c at yesterday's local close, while the trade weighted index rose to 60.98 at 8am from 60.74 at 5pm.

BNZ Capital senior strategist Danica Hampton said currencies had another topsy-turvy night.

Early on, weakness in the British pound dragged most currencies lower against the US dollar, Ms Hampton said.

But US dollar sentiment made a swift about turn later in the session, as stronger than expected United States gross domestic product data and solid gains on Wall St reduced safe-haven demand for the greenback.

The key event in this country today would be New Zealand's first quarter GDP data release at 10.45am.

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