NZ dollar makes small gains vs greenback, yen
The New Zealand dollar made small gains against the greenback and yen as currency markets lacked direction amid continuing uncertainty about Greece's debt.
The New Zealand dollar made small gains against the greenback and yen as currency markets lacked direction amid continuing uncertainty about Greece's debt.
At 8am today the kiwi was buying US80.90c from US80.65c at 5pm, and it also climbed to 64.97 yen from 64.68.
The euro was volatile after European officials couldn't agree to release key aid for Greece in July. Many investors fear that Greece could default as soon as next month without those loans.
Greece may now have to wait until a meeting of European finance ministers on July 3 to get the aid approved.
"Although the Greek debt situation seems unsustainable, Europe cannot afford to let Greece fall,'' said Ashraf Laidi, an analyst with Intermarket Strategy in London.
European finance ministers did sign off on enlarging bailout funds for the most indebted countries using the euro, a move intended to bolster market confidence in the region's weakest countries.
The NZ dollar was slightly lower at 0.5658 euro at 8am, while edging higher to A76.55c against the Australian dollar. The trade weighted index was 69.97 at 8am from 69.87 at 5pm.
BNZ strategist Kymberly Martin said lingering concerns about the Greek debt crisis has seen more risk sensitive currencies underperform.
The NZ dollar had drifted lower on the crosses yesterday evening, but had reversed some of those losses early today.
ANZ said markets had started the week extremely cautiously, as the Greek crisis kept currency markets stalled and looking for direction.
NZPA
Tue, 21 Jun 2011
Tue, 21 Jun 2011
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NZ dollar makes small gains vs greenback, yen
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