NZ dollar remains firm
The kiwi touched a one-week high around 75USc earlier today.
The New Zealand dollar was mixed but generally firm on the last day ahead of the Christmas holiday break, even though weaker than expected growth data yesterday set back the timing of any interest rate rises.
At midday the NZ dollar was at 74.65USc, slightly down from the 74.81USc at 8am but up from 74.35USc at 5pm yesterday. It touched a one-week high around 75USc earlier today.
The Australian dollar was again back above parity against the US dollar at $US1.0026 and the NZ dollar has been struggling to keep up with the strong Australian dollar.
From a new decade low against the Australian dollar around 73.85Ac after the GDP figures yesterday morning, the NZ dollar has managed to reach 74.44Ac at midday from 74.47Ac at 8am and 74.18Ac at 5pm yesterday.
BNZ currency strategist Mike Jones said solid real money and commercial appetite for the NZ dollar against the aussie and euro had underpinned a strong bounce in the kiwi against the greenback after the initial GDP dip.
Overnight the NZ dollar had continued its ascent against the US currency.
Trading was fairly listless overall, but a generally solid batch of US data and further strength in global commodity prices ensured growth-sensitive currencies such as the NZ and Australian dollars outperformed, Mr Jones said.
The NZ dollar peaked at a fortnight high €0.5724 and was €0.5693 by midday, from €0.5669 at 5pm yesterday. The NZ dollar was up to ¥61.96 at midday from ¥61.77 at 5pm yesterday, while the trade weighted index rose to 67.44 at midday from 67.19 at 5pm yesterday.
NZPA
Fri, 24 Dec 2010
Fri, 24 Dec 2010
© All content copyright NBR. Do not reproduce in any form without permission, even if you have a paid subscription.
NZ dollar remains firm
11457