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NZ Dollar Takes It Easy

Contributor:
Fuseworks Media
Fuseworks Media

Wellington, Feb 17 NZPA - The New Zealand dollar tracked down against the US greenback slowly and surely through a narrow range overnight in what is predicted to be a quiet week.

At 8am today it was worth US51.73c, down from US51.92c at 5pm yesterday.

Overnight it reached a high of US52.03c and as low as US51.58.

The dollar should continue to consolidate throughout a quiet day with a downside bias, predicted the ANZ Bank, in its Morning Brief.

And the week started with risk appetite still hamstrung, almost non-existent as the NZD trades lower, albeit at a slow pace, said BNZ Capital currency strategist Danica Hampton.

The NZD reflected all major foreign exchanges following the G7 meeting over the weekend and the communique which made it apparent there is no "quick fix" to the troubles ailing the global economy, she said.

This morning the kiwi also showed little variation against the other main currencies. It was slightly up against its Australian counterpart, to A79.64c from A79.60c.

It was down against the euro to 0.4048 from 0.4066, down against the Japanese yen to 47.44 from 47.60, and also down fractionally against the British pound, to 36.28p from 36.50p.

Meanwhile, the US dollar gained against the euro on Monday as currencies in central Europe were hit by a sharp fall that analysts said was due to the high levels of debt in those countries.

The euro was trading at $US1.2767 late on Monday in London compared to $US1.2856 late on Friday.

The European single currency also lost ground to the Japanese yen, falling to 117.20 yen compared to 118.30 yen on Friday.

The dollar was slightly down on the yen, falling to 91.77 yen against 92.01.

NZPA WGT AFP dw gt

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