The New Zealand dollar drifted lower in its domestic session after rising on Tuesday night as equity markets strengthened and investors became more comfortable with risk.By 5pm the NZ dollar was at 69.49USc, down from 69.90USc at 8am but still ahead of th
The New Zealand dollar drifted lower in its domestic session after rising on Tuesday night as equity markets strengthened and investors became more comfortable with risk.
By 5pm the NZ dollar was at 69.49USc, down from 69.90USc at 8am but still ahead of the 69.30USc at 5pm yesterday.
"We had a big run up overnight following the S&P 500 then it stalled and has really drifted since then," said Imre Speizer, senior currency strategist at Westpac.
Overall, the market had a slightly positive flavour to it, he said.
US stocks jumped on Tuesday US time after successful debt auctions in Spain, Belgium and Ireland reduced worries about debt in Europe.
ANZ said that with global equities continuing to clamber higher, the NZ dollar was well positioned for another test of the topside after a much needed breather yesterday.
It should continue to benefit from renewed confidence in the global recovery, ANZ said.
The NZ dollar was at ¥63.56 at 5pm from ¥63.41 at the same time yesterday. It was at ¥0.5638 at 5pm from ¥0.5678 yesterday, and was at 80.43Ac against the Australian dollar from 80.92Ac yesterday.
The trade weighted index eased slightly to 67.10 at 5pm from 67.19 yesterday.
