The New Zealand dollar opened stronger this morning, pushing slightly above the US69c-mark as it continued to benefit from last week's interest rate rise.The NZ dollar was at US69.08c at 8am, up from 68.03c at 5pm Friday.In its morning briefing notes, ANZ
The New Zealand dollar opened stronger this morning, pushing slightly above the US69c-mark as it continued to benefit from last week's interest rate rise.
The NZ dollar was at US69.08c at 8am, up from 68.03c at 5pm Friday.
In its morning briefing notes, ANZ bank said support for the NZ dollar should continue early in the week after the Reserve Bank of New Zealand raised the official cash rate by 25 basis points to 2.75 percent on Thursday.
"Relative yield attractiveness clearly assists in tackling some big levels on the topside."
But ANZ said the kiwi could struggle to stay high if retail sales data due today disappointed.
The NZ dollar was buying 63.47 yen at 8am, continuing to build ground after it was around a one-week peak on Friday morning at 62.74 yen. At 5pm Friday it was at 62.26 yen.
ANZ said the kiwi should remain high against the yen as the new Japanese Prime Minister Naoto Kan acknowledged their economy is at "risk of collapse under the mountain of sovereign debt".
At 8am, the Kiwi was 0.5701 euro, up from 0.5619 euro at 5pm on Friday.
With issues still persisting in Europe and protests now in Germany it is likely it will maintain its ground against the euro, ANZ said.
Against the Australian dollar, the Kiwi was A80.94, slightly up from 80.62 at 5pm Friday.
The trade weighted index was 67.13 at 8am from 66.35 at 5pm Friday.
