close
MENU
Hot Topic EARNINGS
Hot Topic EARNINGS
1 mins to read

NZ dollar firms but global story seen dominating

The New Zealand dollar firmed slightly today after falling to its lowest level in more than two weeks against the greenback and yen overnight.The NZ dollar dropped to around 68.45USc but by 8am was back up to 69.37USc by 5pm, above the 68.85USc at 5pm yes

NZPA
Fri, 26 Feb 2010

The New Zealand dollar firmed slightly today after falling to its lowest level in more than two weeks against the greenback and yen overnight.

The NZ dollar dropped to around 68.45USc but by 8am was back up to 69.37USc by 5pm, above the 68.85USc at 5pm yesterday. It traded as high as 69.60USc during the domestic session.

"Trade data today was good and building data was weak so it was net nothing," said Imre Speizer, currency strategist at Westpac.

Indicators that US equity markets would be firm on Friday were also seen as a positive during the session.

The NZ dollar is expected to continue reacting to global events with a light economic calendar in this country ahead of the Reserve Bank of New Zealand monetary policy statement on March 11.

The Reserve Bank of Australia gives its view on interest rates on Tuesday next week.

Greece's debt concerns continue to overhang the market and be a source of support for the US dollar and yen.

Worries of a sovereign debt default in the euro zone grew after ratings agency Standard and Poor's said it may cut Greece's rating one or two notches within a month.

The NZ dollar was at ¥61.96 at 5pm from ¥61.64 at the same time yesterday. It was at €0.5106 from €0.5108 yesterday.

Against the Australian dollar, the NZ dollar hit its lowest level in nearly 10 months around 77.30Ac shortly before yesterday's local close but was 77.96USc by 5pm today.

The trade weighted index was 64.37 from 64.05 yesterday.

NZPA
Fri, 26 Feb 2010
© All content copyright NBR. Do not reproduce in any form without permission, even if you have a paid subscription.
NZ dollar firms but global story seen dominating
2984
false