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Weak Greenback Lifts NZ Dollar

Contributor:
Fuseworks Media
Fuseworks Media

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

The US dollar fell after a report about record euro-zone inflation that supported expectations the European Central Bank will hike interest rates next month.

The dollar's slide was compounded by an unexpectedly large contraction in New York state manufacturing in May and a surge in oil prices to near $US140 per barrel.

By 5pm, the kiwi was buying US75.61c 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.

The move up did not have much momentum, she said.

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 close the NZ dollar was at 81.50 yen.

The kiwi was also buying A80.27c against the Australian dollar from A79.95c yesterday and the trade weighted index was 67.96 from 67.73.

NZPA WGT Reuters mjd sml gt

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