'Helicopter Ben' sends NZ dollar rising
Kiwi dollar gains a cent against the greenback as Bernanke speech boosts markets.
The New Zealand dollar has risen against the greenback after Federal Reserve chairman Ben Bernanke’s Jackson Hole speech at the weekend gave markets a boost.
The dollar is currently sitting at 83.99USc, after trading between 82.6USc and 83.1USc yesterday, as the appetite for risk currencies returned.
Westpac senior market strategist Imre Speizer says the gains were a result of the speech by Dr Bernanke, who was nicknamed “Helicopter Ben” after he once advocated dropping money out of a helicopter to boost a flagging economy.
“After an initial sell-off, risk currencies and equities decided there was sufficient hope of further Federal Reserve monetary easing in chairman Bernanke’s Jackson Hole speech to warrant decent but not spectacular gains on the day.
“Markets will probably stick with a moderately upbeat view to start the week, aided by a quiet calendar.
“AUD/USD should aim for the 100 day moving average at US$1.0644 and NZD/USD 84.75USc, though we don’t expect gains to be sustained over the course of the week.”
Niko Kloeten
Mon, 29 Aug 2011
Mon, 29 Aug 2011
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'Helicopter Ben' sends NZ dollar rising
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