The New Zealand dollar held its ground against the US dollar as risk-takers remained at the table, but failed to match its overnight high in quiet trading today.By 5pm, the kiwi was at US71.05c, above its US70.72c level late yesterday afternoon but below
The New Zealand dollar held its ground against the US dollar as risk-takers remained at the table, but failed to match its overnight high in quiet trading today.
By 5pm, the kiwi was at US71.05c, above its US70.72c level late yesterday afternoon but below the US71.16c reached overnight.
The kiwi's strength was in the wake of a 5 billion euro bond issued by Greece, following a deal reached over the weekend between the IMF and European Union about the debt-riddled country.
Investors remained anxious about Greece's long-term ability to finance itself at affordable rates.
"The fact that they achieved it was a notable event, and people breathed a sigh of relief," said Westpac currency strategist Imre Speizer.
"Ok, it's not a good rate, and it's not as much as they would have wanted, but they're still lending them money and that's important."
The kiwi was moderately bullish given the better global backdrop, but it fell short of gains made by the really bullish Australian dollar, which has been boosted by the increased likelihood of an interest rate rise by the Reserve Bank of Australia next Tuesday.
The kiwi was at A77.32c at 5pm, down from A77.83c late yesterday afternoon.
The currency was steady against the euro at 0.5268, and little changed at 65.50 yen and 47.38 pence. The trade weighted index reflected that at 65.99, from 66.00 at 5pm yesterday.
