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Quiet End To Currency Week With US On Holiday

Fuseworks Media
Fuseworks Media

Wellington, July 6 NZPA - After falling for much of last week, the New Zealand dollar had a quieter time for the overnight Friday session with markets in the United States closed for the July 4 holiday.

The kiwi edged down against the greenback to US62.85c at 8am today from US62.98c at 5pm on Friday.

BNZ Capital senior strategist Danica Hampton said the NZ dollar closed down 2.4 percent for the week.

The kiwi was particularly hard hit after some analysts' recommendations to sell it on crosses, especially against the Canadian and Australian dollars.

Wall Street's negative reaction to worse than expected US jobs data last week might signal the start of a deeper correction, and a turn in investor risk appetite, Ms Hampton said.

If that proved true it would be negative for currencies such as the NZ and Australian dollars which had been beneficiaries of the green shoots rally that started in mid-March.

The kiwi edged down against the Australian dollar to A78.96c at 8am from A79.07c at 5pm on Friday, and was little changed at 0.4500 euro and unchanged at 60.45 yen. The trade weighted index was 59.58 at 8am today from 59.66 at 5pm on Friday.

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