The New Zealand dollar spent much of today trading in a narrow range after from an eight-week high.It rose overnight, when the US dollar fell against higher-yielding currencies after the Federal Reserve's commitment to low interest rates yesterday prompte
The New Zealand dollar spent much of today trading in a narrow range after from an eight-week high.
It rose overnight, when the US dollar fell against higher-yielding currencies after the Federal Reserve's commitment to low interest rates yesterday prompted investors to seek higher returns elsewhere.
The NZ dollar peaked near 71.80USc overnight but by 8am had dropped to US71.44USc. By 5pm today it was US71.33c – still above the 71.22USc at 5pm yesterday.
"We came off this morning on the back of a weaker aussie and weaker euro; the Dow was also down a bit," one dealer said. "We traded around the 71.30USc to 71.35USc area for quite a while today."
The NZ dollar had appreciated against the yen and euro but was off its best levels by the close.
Overnight it peaked at a two-year high €0.5217 and an eight-week high of ¥64.95. By the local close it was down to €0.5199, still above the €0.5166 at 5pm yesterday. It was at ¥64.33 from ¥64.19 yesterday.
Against the Australian dollar, the NZ dollar peaked at a two-week high of 77.69Ac but then fell to 77.28Ac by 5pm, lower than the 77.52Ac at the local close yesterday.
The trade weighted index was at 65.59 at 5pm from 65.64 at the same time yesterday.
