NZ dollar stays near post-float highs vs greenback
NZ dollar also touches a four-month high against the Australian currency and a year-high against the yen.
NZ dollar stays near post-float highs vs greenback
A buoyant New Zealand dollar stayed near post-float highs against the greenback and touched a four-month high against the Australian currency and a year-high against the yen.
At 8am today the kiwi was buying US82.46c having climbed to around US82.60c yesterday afternoon -- its highest level since being floated in 1985 -- following impressive business confidence data. The NZ dollar had also been helped by positive trade data on Monday.
ANZ bank said it was a new ball game for the NZ dollar as it came to terms with fresh highs in the wake of the positive round of local data.
"An offshore session of consolidation after the tremendous rally seemed well deserved," ANZ said.
The NZ dollar also peaked early today around a four-month high of A77.30c against the Australian dollar, and remained near that level at 8am. The kiwi also hit a year high around 67.40 yen earlier in the offshore session, easing to 67.22 at 8am.
ANZ said the NZ dollar had outperformed the aussie on the strong local data and weak Australian data, leaving behind a holding pattern of the past few days.
The kiwi was little changed at 0.5730 euro at 8am, while the trade weighted index rose to 71.12 at 8am from 71.01 at 5pm.
The euro touched a three-week high against the US dollar on the belief that Greece may avoid a debt restructuring
The US dollar cut gains against the yen after data showed US consumer confidence declined in May, business activity in the US Midwest grew much less than expected, and US single-family home prices dropped in March, dipping below their 2009 low.
"The current soft patch in US data appears to be dampening appetite for the (US) dollar as euro bears retreat on smouldering Greek debt troubles," said Michael Woolfolk, managing director at BNY Mellon Global Markets in New York.
NZPA
Wed, 01 Jun 2011
Wed, 01 Jun 2011
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NZ dollar stays near post-float highs vs greenback
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