The New Zealand dollar drifted lower during its domestic session after gaining nearly a cent overnight as investors regained their risk appetite amid an apparently stabilising situation in Greece and general market optimism.The NZ dollar drifted to 70.45U
The New Zealand dollar drifted lower during its domestic session after gaining nearly a cent overnight as investors regained their risk appetite amid an apparently stabilising situation in Greece and general market optimism.
The NZ dollar drifted to 70.45USc at 5pm after reaching US70.80USc in early trading from US69.90USc at 5pm yesterday.
"The absence of more bad news on Greece, combined with some upbeat global data, saw risk appetite improve and equity markets post solid gains overnight," BNZ markets strategist Mike Jones said.
Imre Speizer, currency strategist at Westpac, said the market would not have detail on help for Greece until mid-March.
"It seemed to recede in the minds of the global market. It is still there but it is not like it is the hot topic of the night," he said.
"Last night's hot topic was better US data and better equity sentiment."
There was little news to trade off today. The NZ dollar was at ¥63.62 at 5pm from ¥62.86 yesterday. It was at 78.23Ac at 5pm from 78.44Ac at the same time yesterday.
Against the euro, it was little changed at €0.5116, from yesterday's €0.5130.
The trade-weighted index was 64.93 from 64.76 yesterday.
