Strong night for NZ dollar, new highs against euro
Kiwi dollar up against greenback and euro as higher commodity prices and improving risk appetite boost appeal of the Australasian currencies.
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The New Zealand dollar has had a busy night - rising against the US currency and the troubled euro - as higher commodity prices and improving risk appetite boosted the appeal of the Australasian currencies.
Over the last 24 hours, the NZD/USD has risen over 100 points to a high of 79.65USc and is now around 79.30USc. Against the euro, the kiwi rose above 62 euro cents - the highest level since the common currency was founded in 1999.
BNZ said positive sentiment washed through global markets over the past 24 hours as a series of successful European sovereign bond auctions, a solid start to the Q4 US earnings season, and hopes for Chinese monetary stimulus underpinned a noticeable improvement in investors’ risk appetite.
Chinese imports rose at their weakest pace in more than two years in December, signalling that internal demand is waning, and that growth may be slowing in the world’s second largest economy. But the sluggish imports, which were significantly below market expectations, also fuelled optimism that policymakers would take more aggressive action to support demand, Bancorp said.
NBR staff
Wed, 11 Jan 2012
Wed, 11 Jan 2012
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Strong night for NZ dollar, new highs against euro
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