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NZ Dollar Up Against Greenback On Modest Rise In Risk Appetite

Contributor:
Fuseworks Media
Fuseworks Media

Wellington, May 15 NZPA - The New Zealand dollar rose against the greenback and yen on a modest increase in risk appetite.

By 8am the kiwi was buying US59.73c, having risen from a week-low around US58.65c late last night, and up from US59.16c at 5pm yesterday.

BNZ Capital currency strategist Danica Hampton said flows showed both wholesale and retail real money was looking for a home and prepared to take on some risk once again.

Overnight the NZ dollar had ridden on the coat-tails of the Australian dollar and the euro.

"Our flows in the NZD also show steady retail interest from Asia as money is tentatively taken out from under the mattresses and put to work in financial markets," Ms Hampton said.

Some signs were being seen of investor interest in NZ dollar-denominated investments.

The NZ dollar was up to 57.17 yen by the local open from 56.56 at 5pm, and also edged up to 0.4379 euro from 0.4360.

The kiwi was little changed against the Australian dollar, buying A78.54c at 8am, while the trade weighted index rose to 57.76 from 57.45 at 5pm.

The United States dollar rose against the safe-haven yen as a rebound in global stocks supported the modest increase in risk appetite, hurting the Japanese currency.

Investors shrugged off recent weak US economic data and, with the upbeat tone in financial markets, favoured buying higher-yielding currencies such as the Australian dollar and Norwegian crown.

NZPA WGT Reuters mjd kn

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