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NZ Dollar Up Then Down Vs Greenback, Slips Vs Other Majors

Contributor:
Fuseworks Media
Fuseworks Media

Wellington, June 23 NZPA - The New Zealand dollar opened today little changed against the greenback from Friday afternoon, and weaker against other major currencies.

By 8am the kiwi was buying US76.12c, the same level as it was at on Friday afternoon, although early Saturday it had reached a 1-1/2-week high against the greenback around US76.45c.

The US dollar fell broadly overnight Friday (NZT) as fears of further write-downs in the US financial sector raised speculation the Federal Reserve would not signal a shift toward tighter monetary policy.

Rising oil prices, more inflation-busting talk from a European Central Bank official and an unexpected surge in German producer prices in May to a near two-year high added to selling pressures on the greenback.

These developments were seen as confirmation that the European Central Bank would deliver an interest rate hike next month.

The NZ dollar slipped against the euro from 0.4908 at 4.30pm on Friday to 0.4876 at the local open today.

Against the Australian dollar, the kiwi was buying A79.88c at 8am today from A80.07c, while against the yen it eased to 81.62 from 82.14. The trade weighted index was 68.08 at 8am today from 68.33.

ANZ Bank today said this week was "huge" in terms of data releases for the NZ dollar.

On Thursday March quarter balance of payments data will be released, while on Friday gross domestic product data for the quarter comes out, as do May overseas merchandise trade figures.

NZPA WGT Reuters mjd nb

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