NZ dollar back to ¥60.76 after lunchtime spike
The New Zealand dollar today scrambled back to an exchange rate of ¥60.76 at 5pm, after spiking to ¥59.52 just before lunch in the wake of Japan's earthquake and tsunami.
The New Zealand dollar today scrambled back to an exchange rate of ¥60.76 at 5pm, after spiking to ¥59.52 just before lunch in the wake of Japan's earthquake and tsunami.
Reuters reported both the New Zealand and Australian dollars opened today softer due to unwinding of carry trades and expectations of funds repatriation back to Japan, but a reversal came as the US dollar climbed sharply against the yen, bouncing off a four-month low around ¥80.60.
This was despite the Bank of Japan adding seven trillion yen into its financial system to maintain stability.
In New Zealand, February housing data showed a mixed picture, with prices picking up from January, but still down on a year ago, with one bank's economists predicting that Christchurch's population will drop by at least 4% over the coming year, in the wake of that city's own quake.
The New Zealand dollar started the week higher as investors scrambled to understand the financial ramifications of the Japanese disaster, and was 74.28USc at 8am, up from 73.56USc at 5pm on Friday. It finished the day at 73.91USc.
Westpac said today that agreement by European leaders on a deal to limit budget deficits and increase a bailout fund, a solid US retail sales report, and lower oil prices all helped the New Zealand dollar last week but the kiwi finished today at €0.5310, compared with €0.5323 on Friday.
The New Zealand dollar finished back around Friday's levels against the Australian dollar, at 73.34Ac. The trade weighted index was at 65.30, up from 65.26 on Friday.
NZPA
Mon, 14 Mar 2011
Mon, 14 Mar 2011
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NZ dollar back to ¥60.76 after lunchtime spike
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