The New Zealand dollar drifted lower today after pushing briefly above 72USc for the first time in two months.Dealers said it was a reaction to a strong start to the US corporate earnings season and firm equity markets. It drifted lower as both the Austra
The New Zealand dollar drifted lower today after pushing briefly above 72USc for the first time in two months.
Dealers said it was a reaction to a strong start to the US corporate earnings season and firm equity markets. It drifted lower as both the Australian dollar and the euro weakened in this time zone.
The NZ dollar was at 71.64USc at 5pm from 71.84USc at 8am, having peaked around 72.05USc earlier in the morning. It was 71.17USc at 5pm yesterday.
BNZ currency strategist Mike Jones said the fate of the NZ dollar continued to follow risk sentiment and global equity markets.
Both retail sales data for May and Real Estate Institute of New Zealand data for June suggested that domestic demand is subdued, implying the Reserve Bank will move monetary policy back to more normal settings at a glacial pace, economists said.
The NZ dollar did spike overnight above €0.5670, its highest level in two weeks, but by 5pm today was at €0.5636, similar to its level at 5pm yesterday.
The NZ dollar was around a two-week high against the Japanese currency at ¥63.73 at 5pm from ¥63.02 at the same time yesterday.
Against the Australian dollar, the NZ dollar lifted to 81.30Ac from 81.50Ac at 5pm yesterday.
The trade weighted index rose to 67.86 at 5pm from 67.71 yesterday.
