NZ dollar rises back above 78USc
The kiwi's rise is due to continued weakness in the US dollar and yen.
The New Zealand dollar rose to around two-month highs above 78USc as the US currency and yen continued to be weak.
The NZ dollar was at 78.31USc at 5pm from 78.26USc at 8am and 78.22USc at 5pm on Friday. The currency consolidated at slightly lower levels for most of the session but rose during the afternoon.
"Global risk sentiment remains strong and the US dollar remains unloved. These factors explain much of the strength in the NZ dollar since mid-March, and will be influential during the next few weeks," Westpac said.
ANZ bank said the NZ dollar had "an almost too strong finish to the trading week" last week as demand out of the US continued to push the Australasian currencies higher. The NZ dollar lay beneath tough topside levels.
The Australian dollar was near recent highs against a weak yen. The yen is weak because the Bank of Japan is keeping monetary policy loose to help the economy recover from last month's massive earthquake.
The NZ dollar eased to 74.06Ac from 74.14Ac at 8am today from 74.29Ac at 5pm on Friday, and dropped to €0.5414 from €0.5436 on Friday.
It was at ¥66.35 from ¥66.52 on Friday. The trade weighted index dropped to 68.02 from 68.13 on Friday.
NZPA
Mon, 11 Apr 2011
Mon, 11 Apr 2011
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NZ dollar rises back above 78USc
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