The New Zealand dollar rose against most of its trading peers after weaker economic data in the eurozone and glimmers of hope in stalled Washington talks over the fiscal cliff, which helped lift equities.
The kiwi dollar rose to 82.55 US cents from 82.48 cents at 5pm in Wellington yesterday. The trade-weighted index rose to 73.66 from 73.52.
The Reserve Bank kept the official cash rate at a record low 2.5% today.
The Dow Jones Industrial Average climbed about 0.9%, recovering from an earlier decline as Washington stayed in focus.
US President Barack Obama said at a quarterly meeting of the Business Roundtable in Washington that an agreement on budget negotiations could be reached in a week if the Republicans ceded ground on tax increases for the wealthiest Americans.
Meanwhile, a gauge of services industries in the US rose faster than expected last month.
The kiwi rose to 68 yen from 67.80 yen on continued speculation a change of government in Japan this month would herald more aggressive efforts to weaken the currency.
The local currency gained to 78.90 Australian cents from 78.71 cents. It rose to 63.08 euro cents from 62.90 cents after Spain sold fewer bonds than it had targeted and a combined eurozone index of manufacturing and services remained in contraction.
The kiwi rose to 51.25 British pence from 51.19 pence.
This article is tagged with the following keywords. Find out more about MyNBR Tags
- Xero makes a special alteration to rival's billboard
- Xero wins plaudits for artificial intelligence product suite with revenue potential
- Snowball appoints head of growth capital
- NZ dollar climbs above 70 US cents on relatively upbeat kiwi fundamentals
- Biz Dojo expands its Wellington presence; eyes offshore
Most listened to
- Business leaders on Budget 2017: Failure to set up any significant public-private partnerships for infrastructure is "really disappointing," says Paul Glass
- Serko’s Darrin Grafton says the company can use its SME platform to expand globally
- Trump travels overseas selling jobs as North Korea continues to lash out, on Trump’s Beltway with Nathan Smith
- Nick Shewring says co-working attracts "awesome people doing cool things"
- NBR Radio: best of the week ended May 19, with Grant Walker