The New Zealand dollar headed into the weekend around its best level since late June as the Australian dollar held near two-week highs in the wake of strong employment data yesterday.Investors are also generally more comfortable with so-called risky curre
The New Zealand dollar headed into the weekend around its best level since late June as the Australian dollar held near two-week highs in the wake of strong employment data yesterday.
Investors are also generally more comfortable with so-called risky currencies as equity markets continue to perform well.
The NZ dollar was at 71.00USc at 5pm, up from 70.95USc at 8am and 70.35USc at 5pm yesterday. It had scaled the 71USc in Thursday night trading.
The rise came after data showed new claims for US unemployment insurance fell more than expected last week and several top US retail chains reported stronger June same-store sales, supporting demand for stocks and other higher-risk assets.
The Australian dollar continued a strong run after it was reported yesterday that employment growth soared in Australia in June.
It was at 87.60USc at 5pm from 87.16USc at 5pm yesterday. The NZ dollar rose to 81.01Ac from 80.75Ac yesterday.
Retail spending on electronic cards rose 0.4% in June after growth of a similar magnitude in May. Excluding motor vehicle related spending, core sales rose 0.7%.
ANZ said that putting monthly volatility aside, it remains a case of a gradual improvement in consumer spending, rather than something more lively.
The NZ dollar eased to €0.5597 at 5pm from €0.5665 at the same time yesterday and was ¥62.91 at 5pm from ¥62.20 yesterday.
The trade weighted index rose to 67.36 at 5pm from 66.91 yesterday.
