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NZ Dollar Rises As US Currency Broadly Retreats

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Fuseworks Media
Fuseworks Media

Wellington, March 26 NZPA - The New Zealand dollar continued climbing against the greenback overnight as the US currency retreated broadly.

By 8am today the kiwi was buying US80.71c, having been climbing since Monday afternoon when it was around US78.80c.

The US dollar retreated broadly overnight, posting its steepest loss against the euro in two weeks, hurt by concerns about the health of the US economy and the global financial sector.

A private sector report showed US consumer confidence in March fell to a five-year low, while expectations for the future dropped to their lowest level in 34 years. In addition, US home prices for January declined in 16 of the 20 regions measured, according to an index.

In the financial sector, things were not much better. The interbank cost of borrowing three-month dollar, sterling and euro funds rose, suggesting financial institutions were still hoarding cash despite efforts by central banks to inject liquidity into the money market.

The kiwi also touched a near-seven-week high against the Australian dollar early today at A88.17c and by 8am was at A88.12c, from A88c at 5pm yesterday.

Against the euro the NZ dollar was buying 0.5176 at today's local open from 0.5160 at 5pm, while against the yen it was at 80.95 from 80.40. The trade weighted index was 71.96 from 71.63.

NZPA WGT Reuters mjd nb

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