NZ dollar consolidates around 77USc
The kiwi rose above that level on Thursday night as the euro strengthened and jobless claims in the US jumped to their highest level since October.
The New Zealand dollar consolidated near 77USc today after rising above that level on Thursday night as the euro strengthened and jobless claims in the US jumped to their highest level since October.
Dips for the NZ dollar were extremely well supported as higher commodity price information prevented any drop. The ANZ commodity price index for December, published yesterday, was at record levels as it chalked up a fourth consecutive month of increases.
At 5pm today, the NZ dollar was buying 77.02USc, up from 76.94USc at 8am and from 76.16USc at 5pm yesterday. It is just below the January 4 level of 77.42USc.
The NZ dollar market was quiet today with little news to trade on. Next week the Consumers Price Index December quarter will be a focus.
A strong New Zealand government bond auction this week was also a positive factor for the currency with demand from a large international investor reported to behind the strong result.
The NZ dollar fell to €0.5774 from €0.5810 yesterday. The euro posted its biggest rise against the US dollar in more than six months after solid European debt auctions and a warning of short-term inflation risks from the head of the European Central Bank.
Though ECB President Jean-Claude Trichet said price stability was not under threat, his remarks drove expectations the ECB could raise interest rates.
The NZ dollar was at 77.27Ac at 5pm, up from 76.57Ac at the same time yesterday and was at ¥63.58 from ¥63.20 yesterday. The trade weighted index lifted to 69.19 from 68.85 at 5pm.
NZPA
Fri, 14 Jan 2011
Fri, 14 Jan 2011
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NZ dollar consolidates around 77USc
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