close
MENU
Hot Topic Reporting season
Hot Topic Reporting season
1 mins to read

NZ dollar gains vs greenback


The New Zealand dollar rose against the greenback, as concerns about the Greek debt crisis eased and investor risk appetite improved.

NZPA
Mon, 20 Jun 2011

The New Zealand dollar rose against the greenback, as concerns about the Greek debt crisis eased and investor risk appetite improved.

At 8am today the kiwi was buying US81.01c from US80.29c at 5pm on Friday.

Markets were looking ahead to this week's two-day policy meeting by the US Federal Reserve, which could shed light on the US central bank's stance on the need of further steps to stimulate the flagging recovery.

US consumer sentiment worsened this month on renewed concerns about the outlook for the economy and as gloom about job and income prospects persisted, latest data shows.

Taking the unexpected soft patch into account, the International Monetary Fund cut its forecast for US economic growth.

The euro rose against the US dollar on hopes that Greece will get a new aid package needed to avoid a default that could roil global markets.

The leaders of Germany and France said on Friday (local time) that they were united on a rescue deal for Greece that would include voluntary private sector participation.

The NZ dollar was at 0.5677 euro at 8am today, little changed from its 5pm Friday level, while the kiwi edged up to A76.44c at 8am against the aussie from A76.30c at 5pm and lifted to 64.98 yen from 64.69. The trade weighted index was up to 70.07 at 8am today from 69.76 at 5pm on Friday.

ANZ said the prospect of a further Greek rescue package should help keep the euro, and by association, the NZ dollar, supported to start the week.

NZPA
Mon, 20 Jun 2011
© All content copyright NBR. Do not reproduce in any form without permission, even if you have a paid subscription.
NZ dollar gains vs greenback
15339
false