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NZ Dollar Rises Vs Greenback As Risk Appetite Improves

Fuseworks Media
Fuseworks Media

Wellington, May 19 NZPA - The New Zealand dollar gained nearly a cent against the greenback overnight, on a healthy ongoing appetite for risk.

The New Zealand dollar rose to US59.53c at 8am, from US58.60c at 5pm yesterday.

BNZ Capital currency analyst Danica Hampton said Indian election results, Japanese consumer confidence and British housing statistics spurred gains for the NZ dollar on the coat-tails of firmer Australian and US currencies.

ANZ said just as the kiwi looked vulnerable, it was able to move higher on the back of Asian, European and US equities, and risk appetites were back with a vengeance.

In other currencies, the NZ dollar hit a fortnight low early today against the Australian dollar, and by 8am was trading at A77.63c, from A78.30c at 5pm.

The NZ dollar rose slightly to 0.4391 from 0.4360 against the euro, while trading at 57.36 yen, up from 55.55.

Against the pound, the dollar gained slightly to 38.79p, from 38.66p. The trade weighted index rose to 57.60 at 8am from 57.05 at 5pm.

In overseas markets, the US dollar rose against the yen after comments by a top official in Japan spurred speculation of intervention by authorities to curb further strength in the Japanese currency.

A rally in US stocks encouraged investors to take on riskier investments, reducing the safe-haven demand for the Japanese currency. NZPA WGT hps nb

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