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NZ Dollar Rises But Gives Up Ground Against Aussie Dollar

Contributor:
Fuseworks Media
Fuseworks Media

Wellington, Nov 25 NZPA - The New Zealand dollar rose today in sympathy with a resurgent Australian dollar after an upbeat economic assessment from an Australian central banker.

The Australian dollar rose to US92.55c at 5pm from US91.82c at 8am after a resoundingly upbeat speech that fuelled speculation of an increase in interest rates from Reserve Bank of Australia deputy governor Ric Battellino.

"He's essentially hinting at a new golden era of growth ahead for Australia," said Su-Lin Ong, a senior economist at RBC Capital Markets.

The NZ dollar went for a ride higher too from US72.39c at 8am to US72.84c at 5pm. It was at US72.80c at 5pm yesterday.

"If we break the highs from last night around the US72.94c area it will be quite significant," a dealer said.

The NZ dollar lost ground against the Australian dollar to A78.67c at 5pm from A79.07c at the same time yesterday.

Trading is expected to be quiet with Thanksgiving holiday in the US on Thursday.

The NZ dollar reached its lowest level against the euro for about three weeks, dropping to 0.4830 on Tuesday night, and by the local close was at 0.4859.

It was 64.30 yen from 64.70 yen yesterday and the trade weighted index was 64.76 from 64.92 yesterday.

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