close
1 mins to read

NZ dollar reaches eight-week high against US dollar

The New Zealand dollar edged higher against the greenback overnight, reaching its highest level in nearly eight weeks, as the US currency fell broadly and strong Chinese export data boosted risk appetite.Around 8am the kiwi was buying 74.28USc, from 74.02

NZPA
Tue, 12 Jan 2010

The New Zealand dollar edged higher against the greenback overnight, reaching its highest level in nearly eight weeks, as the US currency fell broadly and strong Chinese export data boosted risk appetite.

Around 8am the kiwi was buying 74.28USc, from 74.02USc at 5pm yesterday.

The broad fall in the US dollar came in the wake of weak US jobs data at the end of last week and comments from a US Federal Reserve official that US interest rates are likely to stay low for quite some time.

Demand for the US currency also fell after strong Chinese export data increased optimism the global economy is recovering, boosting risk appetite.

The kiwi recovered from a four-week low against the Australian dollar around 79.35Ac yesterday afternoon, to be at 79.82Ac at today's local open.

The NZ dollar rose modestly to €0.5111 at 8am from €0.5097 at 5pm, and was little changed at ¥68.30 at the local open.

The trade weighted index was up to 67.03 at 8am from 66.86 at 5pm.

NZPA
Tue, 12 Jan 2010
© All content copyright NBR. Do not reproduce in any form without permission, even if you have a paid subscription.
NZ dollar reaches eight-week high against US dollar
1558