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NZ dollar ends the week on softer note

The New Zealand dollar was weaker today, reflecting a rise in risk aversion and some profit-taking.The NZ dollar was at US71.07c at 5pm from US71.14c at 8am from US71.34c at 5pm yesterday. It is expected to find support around US70.70c.ANZ chief foreign e

NZPA
Fri, 16 Apr 2010

The New Zealand dollar was weaker today, reflecting a rise in risk aversion and some profit-taking.

The NZ dollar was at US71.07c at 5pm from US71.14c at 8am from US71.34c at 5pm yesterday. It is expected to find support around US70.70c.

ANZ chief foreign exchange dealer Murray Hindley said a lot of currencies were weaker today.

"Sterling is weaker after the leaders' debate, the euro is softer on the back of Greece again and that has put risk back on," he said.

The New Zealand dollar has been in a narrow range for much of the week and was trading at the bottom of that range today.

A 3 percent rise in the national median house price in March to $360,500 failed to impress economists who saw the market as flat with prices trending downward.

Real Estate Institute of New Zealand (Reinz) data out today showed the median price rising $10,500 last month, while the 6161 sales in March was the best result since last September and the number of days to sell fell to 35 from 46 in February.

Reuters reported that Japanese investors were selling currencies against the yen on Friday.

The NZ dollar fell to 65.90 yen at 5pm from 66.62 yen at the same time yesterday.

It rose against a weak euro to 0.5252 from 0.5234 and was 46.06p from 46.01p.

The NZ dollar has struggled against the Australian dollar but today was A76.45c at 5pm from A76.40c yesterday.

The US dollar found support after the Treasury Department said foreign purchases of US securities rose in February as strong private sector demand helped reverse an overall capital outflow the month before.

The trade weighted index dropped to 65.67 at 5pm from 65.85 yesterday.

NZPA
Fri, 16 Apr 2010
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NZ dollar ends the week on softer note
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