'Hot money' sends Kiwi dollar above 85USc
Kiwi rises against all major currencies overnight.
The New Zealand dollar has climbed back above 85USc as global markets rose and investors’ appetite for ‘risk’ currencies grew.
The Kiwi is sitting at 85.31USc, after hitting a high of 85.48USc overnight.
Demand for the New Zealand dollar saw it rise against all major currencies, nearly reaching 80Ac.
It has also risen against the euro, climbing above 59€c, and against the pound, rising to 52.30p, levels not seen since the start of this month.
“Yesterday the NZD was once again dominated by the continued rush of “hot money”, proprietary & technical funds to the fore with demand for NZD and NZDX in our flows,” BNZ’s daily currency report says.
“Some would argue they ignored potential hiccups in the form of the call on the EQC or the detail of the building permits update.”
Niko Kloeten
Wed, 31 Aug 2011
Wed, 31 Aug 2011
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'Hot money' sends Kiwi dollar above 85USc
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