Kiwi tops 80USc as greenback weakens
The New Zealand dollar reached a new three-year high, close to its post-float high of 82.13USc..
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The New Zealand dollar reached a new three-year high against the greenback above 80USc today as the Australian dollar and euro rose and the US dollar weakened.
The NZ dollar traded as high as 80.15USc in afternoon trading and was 79.98USc at 5pm from 79.50USc at 8am and 79.24USc at 5pm yesterday.
"This is not a kiwi story. This is a US dollar story," said Daniel Bell, senior dealer at HiFX.
The US dollar was sold across the board and touched a three-year low as currency markets bet interest rate rises in the world's largest economy would still be some way off, prompting investors to seek higher yields elsewhere.
"This is a continuation of a theme we saw last night with risk appetite firmly in play and global equity markets positive," Mr Bell said.
The NZ dollar rose along with the the Australian dollar, which soared to a fresh 29-year high as commodity prices and stocks rose.
The Australian dollar surged to $US1.0772, its highest in 29 years, from $US1.0693 in New York.
Analysts are wondering if the NZ dollar will eventually test its post-float high of 82.13USc.
The NZ dollar was 74.45Ac at 5pm from 74.86Ac at 5pm, was down to €0.5490 from €0.5506, and fell to ¥65.80 from ¥65.74.
The trade weighted index fell to 68.79 at 5pm from 68.72.
NZPA
Thu, 21 Apr 2011
Thu, 21 Apr 2011
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Kiwi tops 80USc as greenback weakens
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