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NZ Dollar Up Against Softer Greenback

Contributor:
Fuseworks Media
Fuseworks Media

Wellington, June 17 NZPA - The New Zealand dollar firmed overnight against a generally weaker greenback.

By 8am the kiwi was buying US75.33c from US75.06c at 5pm yesterday.

Bank of New Zealand currency strategist Danica Hampton said the NZ dollar was "dragged" higher overnight against the US currency by the greenback's general weakness and strong gains by the euro against the greenback.

After falling for three consecutive weeks, the NZ dollar rate against the US dollar was arguably primed for a bout of profit-taking and the generally weaker greenback provided the catalyst, she said.

But despite attempts from a range of speculative players to push the NZ dollar through stops in the US75.50c to US75.60c region, the upward trend failed to gather momentum.

The fall of the US dollar against the euro came as record euro-zone inflation cemented expectations of a European Central Bank interest rate hike next month and as oil prices spiked to record highs.

The NZ dollar changed little against the euro overnight, buying 0.4867 euro at 8am from 0.4874 at 5pm.

Against the yen, the kiwi got to a 10-day high overnight around 81.55 from 81.24 at the local close. By the local open the NZ dollar was at 81.42 yen.

The kiwi was also buying A80.08c against the Australian dollar at 8am from A79.95c. The trade weighted index was 67.81 at today's local open from 67.73.

NZPA WGT Reuters mjd nb

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