The New Zealand dollar drifted lower today after rising during the weekend.It was at 71.12USc at 5pm, down from 71.41USc at 8am but up from the 70.38USc at 5pm on Friday.It moved from below 70USc around 10pm on Friday to peak at 71.55USc around 6am Saturd
The New Zealand dollar drifted lower today after rising during the weekend.
It was at 71.12USc at 5pm, down from 71.41USc at 8am but up from the 70.38USc at 5pm on Friday.
It moved from below 70USc around 10pm on Friday to peak at 71.55USc around 6am Saturday.
The NZ dollar drifted lower today after business confidence eased in the June National Bank of New Zealand survey.
Inflation expectations jumped to 3.1%, the highest since December 2008. A net 39% of respondents intend to put their prices up.
National Bank attributed the trend to the rise in goods and services tax from October 1 and said it should not unduly alarm the Reserve Bank.
"Our main indicators for NZ dollar guidance are pointing lower this week. New Zealand economic data is likely to be neutral, NZ dollar technicals are negative, and global risk appetite is fragile," Westpac said.
US stocks staged a comeback on Friday afternoon (local time), while oil prices shot higher, fuelling risk appetite and prompting buying in the euro and the Australian, Canadian and NZ dollars – four currencies that have become symbols of risk appetite in the developed world, moving in tandem with US stocks.
But the Australian and NZ sharemarkets were weaker today.
The NZ dollar was at €0.5742 at 5pm from €0.5715 at the same time on Friday. It was at ¥63.60 from ¥63 on Friday.
Against the Australian dollar, the NZ dollar was at 81.20Ac from 81.66Ac on Friday.
The trade weighted index was 68.05 from 67.77 at 5pm on Friday.
