NZ dollar gains as traders await Jackson Hole symposium
NZ dollar again found resistance at range highs approaching 0.7340.
The New Zealand dollar rose above 73USc as traders wait to see what Federal Reserve chair Janet Yellen has to say at this weekend's central banker symposium in Jackson Hole, Wyoming.
The kiwi rose to 73.05USc at 8am in Wellington from 72.79USc yesterday.
The trade-weighted index advanced to 77.46 from 77.16, still above the RBNZ's projection for the TWI to average 76 this quarter.
Currency markets are subdued as investors wait to see what's in store at the central banker symposium after Fed vice chairman Stanley Fischer signalled in a speech last weekend that a 2016 rate hike was still under consideration and that measures of employment and productivity in the US economy were close to meeting the central bank's goals.
Ms Yellen will deliver a speech at the event and if she leans toward an earlier rate hike that will be seen as supporting the greenback.
"The market remains very much in wait-and-see mode ahead of this weekend's gathering," Bank of New Zealand market strategist Kymberly Martin says.
"The NZD/USD pushed higher last evening after trading sideways for much of yesterday. However, it again found resistance at range highs approaching 0.7340."
The kiwi rose to 95.94Ac from 95.69Ac yesterday and increased to 4.8597 Chinese yuan from 4.8458 yuan. It rose to 64.79 euro c from 64.45 euro c and was little changed at 55.17 British pence from 55.24 pence. The kiwi increased to 73.35 yen from 73.13 yen yesterday.
(BusinessDesk)
Click the hamburger symbol top right of our homepage to access the Rich List 2016 and other sections.
Paul McBeth
Thu, 25 Aug 2016
Thu, 25 Aug 2016
© All content copyright NBR. Do not reproduce in any form without permission, even if you have a paid subscription.
NZ dollar gains as traders await Jackson Hole symposium
61061