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NZ dollar see-saws, reflecting offshore sentiment

Contributor:
Fuseworks Media
Fuseworks Media

Wellington, March 26 NZPA - The New Zealand dollar continued to see-saw today, reflecting changing investor sentiment about the financial plight of Greece.

The local currency was US70.55c at 5pm from US70.48c at 8am and US70.30c at 5pm yesterday.

"We are slightly higher than the same time yesterday but in the interim we've done a bit of yo-yoing," said Imre Speizer, currency strategist at Westpac.

The NZ dollar reached a two-year high against the euro and a two-month high against the yen on Thursday night.

"It went up overnight to just over US71c, then it fell back to about US70.30c this morning and it has rebounded from there," he said.

Though trade data for February was released today the fluctuating fortunes of the NZ dollar were mostly due to sentiment about the format of a safety net for the Greek economy.

The euro weakened after European Central Bank President Jean-Claude Trichet told French television that possible International Monetary Fund aid for Greece was "very, very bad", though he later said he was happy at the solution.

The NZ dollar peaked early today at 0.5318 euro, according to Reuters data, before easing to 0.5291 by the local close, up from 0.5273 yesterday.

The NZ dollar also climbed to 65.70 yen on Thursday night but was 65.24 yen at 5pm from 64.54 yesterday.

It dollar was also up to A77.57c at 5pm from A77.16c yesterday.

The trade weighted index rose to 65.98 at 5pm from 65.63 yesterday.

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