Kiwi firms ahead of data, US policy speech

Free audio stream, including stories that are padlocked on our site. Listen on any device, anywhere. Updated twice daily. The audio stream takes several seconds to start on Android devices.

Launch Radio player

The New Zealand dollar was testing 84 US cents in early trading after having a strong session overnight as the greenback weakened.

The kiwi was at 83.94 US cents at 8am, up from 84.02 US cents at 5pm on Monday. It traded as high as 84.30 overnight.

Support at 83.60 cents held yesterday so the kiwi resumed its upward trend.

The NZIER Quarterly Survey of Business Opinion and a residential property market report today will provide fresh information on the state of the economy, but a speech by US Federal Reserve boss Ben Bernanke at the same time may be of more interest to traders.

"There have been some Fed guys speaking overnight. They are going down the line that the US economy is improving but the path is still not clear," Stuart Ive, currency strategist at HiFx, says.

"That translates into a stronger kiwi purely on the basis that the Fed is going to stimulate their economy for longer potentially." 

The NZIER survey was not a massive market mover but it would be noted, he says. "All eyes will be on Bernanke today," he says.

The kiwi was at 75.03 yen at 8am from 75.31 at 5pm yesterday. It was at 62.82 euro from 62.71 euro and at 52.25 British pence from 52.00.

It rose to 79.51 Australian cents from 79.62 cents.

The trade-weighted index was at 75.29 from 75.32.

(BusinessDesk)


This article is tagged with the following keywords. Find out more about MyNBR Tags

Comments & Questions

Commenter icon key: Subscriber Verified

Post New comment or question

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.

NZ Market Snapshot

Forex

Sym Price Change
USD 0.7532 0.0008 0.11%
AUD 0.9609 0.0000 0.00%
EUR 0.6749 0.0021 0.31%
GBP 0.4979 0.0011 0.22%
HKD 5.8397 0.0072 0.12%
JPY 90.5030 0.1140 0.13%

Commods

Commodity Price Change Time
Gold Index 1174.5 -6.010 2015-05-01T00:
Oil Brent 67.8 1.020 2015-05-01T00:
Oil Nymex 60.4 -0.430 2015-05-01T00:
Silver Index 16.1 -0.018 2015-05-01T00:

Indices

Symbol Open High Last %
NZX 50 5797.4 5797.4 5797.4 -0.52%
NASDAQ 4966.3 5005.4 4941.4 1.29%
DAX 11506.8 11640.8 11454.4 1.45%
DJI 17859.3 18028.9 18024.1 0.00%
FTSE 6960.6 6995.4 6960.6 0.36%
HKSE 28231.3 28343.7 28133.0 -0.03%
NI225 19510.8 19549.4 19520.0 0.06%