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NZ Dollar Touches Week High Against Greenback

Fuseworks Media
Fuseworks Media

Wellington, June 19 NZPA - The New Zealand dollar touched a week high against the greenback early today as the US currency edged broadly lower.

By 8am the kiwi was buying US75.86c, having got close to US76c a few hours earlier after climbing from below US75.40c shortly after midnight.

Bank of New Zealand currency strategist Danica Hampton said the NZ dollar spent most of the overnight session treading water against the greenback within a fairly narrow range between US75.40c and US75.70c.

But the NZ dollar was squeezed higher late in the session as the US currency weakened.

While the kiwi did flirt with US76c overnight, most market participants seemed to be reluctant to push it higher, Ms Hampton said.

A recent downturn in global equity markets had seen risk appetite drop which should temper appetite for high-yielding currencies such as the NZ dollar.

Against the Australian dollar the kiwi was buying A80.15c at 8am today from A80.03c at 4.30pm yesterday, while against the euro it was little changed at 0.4885 by the local open from 0.4880.

The NZ dollar was also buying 81.80 yen at 8am from 81.62 yesterday afternoon, having got to a two-week high near 81.90 yen. The trade weighted index was up to 68.13 at 8am from 68.01 at 4.30pm.

The US dollar edged widely lower as investors adjusted their interest rate outlooks for the United States and the euro zone after conflicting economic data and monetary authorities toned down threats of tighter policy.

NZPA WGT Reuters mjd nb

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