The New Zealand dollar equalled 21-month high levels against the euro early on Saturday, as pressure continued on the European currency over concerns about the Greek economy.According to Reuters data, the kiwi reached €0.5143, equal to highs reached
The New Zealand dollar equalled 21-month high levels against the euro early on Saturday, as pressure continued on the European currency over concerns about the Greek economy.
According to Reuters data, the kiwi reached €0.5143, equal to highs reached earlier this month, but then eased to be at €0.5122 at 8am today, only slightly above its 5pm Friday level.
"What is really crushing the euro is additional concern about the serviceability of the massive amount of debt rung up in Greece," said Dan Cook, a senior market analyst at IG Markets in Chicago.
Until the issue is resolved, "we will likely see a lot of selling pressure on the euro," he said.
Against the greenback, the NZ dollar traded in a range between about 74USc and 73.60USc overnight Friday, slipping just before today's local open to a week-low 73.57USc.
The US dollar gained against most major currencies, helped by US reports indicating a rise in manufacturing alongside stable consumer price inflation.
ANZ bank said disappointing results at US bank JP Morgan Chase delivered to the market on Friday night, caused a sell off in the equity market and took the NZ dollar lower.
The NZ dollar should remain in that lower range today as the US takes a break for Martin Luther King Day.
The kiwi was also down to ¥66.77 at 8am today from ¥67.30 at 5pm on Friday, but gained on the Australian dollar to 79.90Ac from 79.58Ac.
The trade weighted index was down to 66.59 at the local open from 66.69.
