Kiwi firms ahead of data, US policy speech

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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)


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NZ Market Snapshot

Forex

Sym Price Change
USD 0.6647 0.0020 0.30%
AUD 0.9117 0.0015 0.16%
EUR 0.5989 0.0014 0.23%
GBP 0.4270 0.0012 0.28%
HKD 5.1511 0.0154 0.30%
JPY 81.6960 0.0150 0.02%

Commods

Commodity Price Change Time
Gold Index 1096.4 -2.550 2015-07-27T00:
Oil Brent 53.5 -1.150 2015-07-27T00:
Oil Nymex 47.4 -0.720 2015-07-27T00:
Silver Index 14.6 0.110 2015-07-27T00:

Indices

Symbol Open High Last %
NZX 50 5872.1 5872.1 5872.1 -0.55%
NASDAQ 5055.9 5072.9 5088.6 -0.96%
DAX 11287.8 11297.5 11347.5 -2.56%
DJI 17561.8 17561.8 17568.5 -0.73%
FTSE 6579.8 6589.5 6579.8 -1.13%
HKSE 24906.8 24908.6 25128.5 -3.09%
NI225 20188.6 20188.6 20350.1 -1.09%