The New Zealand dollar bounced around overnight against major currencies but by 8am was little changed from its levels at yesterday's local close, as investors fretted about delays in putting together a financial aid package for debt-stricken Greece.The N
The New Zealand dollar bounced around overnight against major currencies but by 8am was little changed from its levels at yesterday's local close, as investors fretted about delays in putting together a financial aid package for debt-stricken Greece.
The NZ dollar was buying US71.04c at the local open, having moved between about US71.30c and US70.75c during the night.
The kiwi also bounced between around 66.60 yen and 65.90 yen, to be at 66.21 yen by the local open, and while the NZ dollar reached its highest level against the euro in nearly two weeks -- 0.5323 euro, according to Reuters data -- by 8am it was back down to 0.5304 euro.
The euro slid broadly, falling for a fifth straight session against the US dollar, as worries about Greece's debt boosted the safe haven appeal of the greenback.
BNZ strategist Mike Jones said the NZ dollar was sidelined for most of the night, with the focus of markets remaining firmly on Europe and the escalating Greek fiscal crisis.
Worries about Greece's sovereign solvency cast a shadow over equity markets, which had otherwise been bolstered by upbeat US earnings announcements and positive British economic data, Mr Jones said.
The associated paring of risk appetite tended to weigh on the NZ dollar, as investors increased exposures to safe haven currencies such as the US dollar and yen.
Against the Australian dollar, the kiwi spent the night in consolidation mode after Tuesday's steep losses, he said.
The NZ dollar rose to A76.54c against the aussie by the local open from A76.26c at 5pm, while the trade weighted index was barely changed at 65.95 around 8am from 65.94 at the local close.
