NZ dollar briefly above US77c
The New Zealand dollar briefly edged above US77c against the greenback, for the first time in nearly eight weeks, but quickly fell back.
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The New Zealand dollar briefly edged above US77c against the greenback, for the first time in nearly eight weeks, but quickly fell back.
By 8am the kiwi was buying US76.79c, having ranged between US77.04c and US76.54c in the overnight session, according to Reuters data.
ANZ bank said key resistance had provided enough of a cap for the overnight NZ dollar market. The subsequent sideways move had it opening today looking a little frail.
Tests of support were expected today, but those would be tempered with the reality that commodity prices continued to improve for exporters, ANZ said.
Against the Japanese currency, the NZ dollar fell from a 4-1/2-month high near 64.90 yen around 5.30pm to 64.53 at 8am.
At 8am the kiwi was little changed at A74.09c against the Australian dollar, and at 0.5401 euro. The trade weighted index was 67.25, from 67.34 at 5pm.
The euro edged lower after hitting a five-month peak against the US dollar and an 11-month high against the yen, with near-term strength seen limited as an expected euro zone interest rate rise was mostly priced in.
The European Central Bank, at a policy meeting late this week, is widely expected to raise rates by 25 basis points from a record low to battle rising inflationary pressures in the euro zone. Two more 25-basis-point rate hikes are factored in by year-end.
NZPA
Tue, 05 Apr 2011
Tue, 05 Apr 2011
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NZ dollar briefly above US77c
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